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farmcharm19
Level 1

Recording etsy fees

I have physical and online locations. I am needing both sales tax and Etsy integration...what is the answer?
2 Comments 2
Jen_D
Moderator

Recording etsy fees

Thanks for posting here, @farmcharm19,

 

If you want to integrate Etsy transactions and other data from apps outside QBO, you will need a connector to do it. Good thing, we have a variety of tools to work with your applications.

 

You can find QuickBooks compatible apps in our website here: https://quickbooks.intuit.com/app/apps/home/

 

We also have a separate forum called Intuit Developers, where you can find engineers who can help recommend third-party applications. In this website, you can connect with developers who can help with app integrations. Click this link to our website: Intuit Developers Community.

 

Additionally, you can manually record Etsy fees. I'm adding the steps below:

 

Step 1: Create the customer invoice.

  1. Click the Plus (+) icon.
  2. Select Invoice.
  3. Enter the exact amount to be invoiced. (See screenshot below)

 

Step 2: Receive the payment.

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

Step 3: Enter a Bank Deposit for the fee to relieve the balance from Undeposited Funds account to bank account. (See screenshot)

  1. Click the QuickBooks Plus (+) icon.
  2. Select Bank Deposit.
  3. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  4. Expand the Add funds to this deposit section to add a new line item.
  5. In the Received From column, enter the credit card fee as a vendor.
  6. In the Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount.
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.

 

For your reference, see the following link for the steps: Record and make bank deposits in QuickBooks Online 

 

If you need anything else, please let me know in the comment below. I'll be right here to help you further with your Etsy entries. Happy holidays!

Fiat Lux - ASIA
Level 15

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