You can utilize the Etsy Connector by Intuit to bring transactions from your Etsy payment account into QuickBooks, Boca.
Integrating Etsy with QuickBooks Online (QBO) through a third-party connector provides key benefits, especially for your INC company, by ensuring accurate transaction management and simplifying tax preparation. Before integration, it's important to adjust your previous books to avoid overstating or duplicating income and expenses.
Once done, all your accounts, services, and customer/vendor names will sync automatically, this also includes receipts and refunds. However, you need to ensure the app imports your Etsy transactions correctly.
Alternatively, you can also manually import transactions if those transactions aren't included in the service and fee listings.
You can refer to this article for more detailed information on how to manage your Etsy application in QBO, along with the steps on how to set them up: Import transactions from your Etsy shop into QBO.
Moreover, since QBO only relies on the transactions provided by Etsy shop to function properly. You can manually adjust sales tax rates for any modifications or consult an accountant to avoid discrepancies in your accounting.
On the other hand, if you prefer summarizing transactions on a monthly basis using an invoice, it’s important to base these invoices on the net amount you have received after accounting for all deductions recorded in Etsy.
This will ensure that your reported income reflects your actual earnings. To do this accurately, you should list fees, advertising costs, and other expenses separately to maintain balance in your accounts.
Lastly, I'll share these articles to help you manage your transactions once they are recorded in QBO:
Feel free to reply on this thread if you need further clarifications regarding on how to manage Etsy app integrations in QBO. We're always here to help.
