Accounting
Connect QuickBooks to ETSY account is a simple way to automatically import ETSY payment account tractions into the accounting software. Moreover, this method also enables you to tally ETSY deposits with your bank accounts. Additionally, this method helps you in giving a clear vision regarding your ETSY shop income and expenses on your Profit and Loss Statement.
Continue reading this entire post attentively to better understand how to Connect Sync with Etsy with QuickBooks online account.
Are you facing difficulty while syncing QuickBooks account to ETSY account? If that’s so then consult with our excerpts through a live chat facility and fix your problem instantly.
Stepwise Instructions to Sync ETSY Account to QuickBooks
Wondering How to Sync Etsy with QuickBooks Online? If that’s so, then go through the stepwise instructions given below.
Stage 1: Organize Accounts in QuickBooks
- Before you move further by syncing with the ETSY app to import your transactions, check that you have organized the following accounts.
- You must have a bank account in which ETSY deposits your money from sales.
- Also, you must have the bank or credit card account where ETSY charges your seller fees.
To verify whether these accounts already exist in QuickBooks, follow the instructions below.
- In the initial phase, move to the Settings menu.
- Afterwards, hover your cursor over the Charts of Accounts option.
- Now, you have to search for the account from the list of options available.
Stage 2: Connect QuickBooks Account to ETSY Application
Once you have successfully set up your accounts, you can connect Set Up Sync with Etsy In QuickBooks online. For this, implement the stepwise instructions enumerated below properly.
- Initially, move to the Apps option and then choose the Find Apps option.
- In the search field, input “ETSY” and then opt for Sync with ETSY from the list of available options.
- Afterwards, you are required to choose the Get App Now option.
- You are supposed to go through the instructions displayed on-screen to set up the application, including these steps.
- Give consent to Intuit to access your ETSY shop.
- Pick the bank account you have already set up in Stage 1, so the app recognizes where to add the transactions.
- Also, you have to choose the import start date. The ETSY application can import the transactions long back as Jan 1 of the last calendar year.
- Once you finish the set up procedure, the application import your ETSY transactions to QuickBooks. The time taken for importing the transactions is completed based on the number of transactions. So, you must wait a few moments to accomplish the task.
- Moreover, after the first import, the application begins verifying your ETSY payment account at least once every three hours. Thus, it will bring up the latest transactions.
Stage 3: Make Adjustments In Your Books of Accounts For Past Transactions
If you decide to import the ETSY transactions from stage 2, the applications will insert those transactions already existing in the accounts. Thus, it might lead to duplicate entries in your accounting.
Furthermore, go through the instructions given below to make the adjustments in your books of accounts for past transactions.
Method 1: Use the Bank Feeds to Reorganize the Deposits
You can utilize the Sync with ETSY app to modify the category of bank deposits to the same account. This is so that the amounts are not counted twice within the books of accounts. Follow the instructions below to use the bank feeds for reorganizing the deposits.
- In the initial stage, move to the Banking menu and pick the bank feeds for the ETSY deposits.
- Afterwards, opt for the Categorized tab and then look for the “ETSY” to look for the deposits that you have linked with the Sales of Product Income.
- In the Action column, choose the Undo option for each deposit.
- Following this, opt for the “For Review” tab and look for the “ETSY” to look for the same once again.
- Next, for every transaction, choose the “Sales of Product Income” category and modify it as “ETSY < Name of your shop>”. Later on, you can add the name to your books of accounts once again.
Method 2: Generate a Journal Entry
You are supposed to generate a journal entry for making adjustments to the income. Doing so will encourage keeping your books of accounts balanced. Thus, it will also help in recording the same amount twice within your books of accounts.
- Begin the process by tapping on the + New option and then hitting the Journal Entry option.
- Now, from the first line, you must choose an account from the Account field. Later on, if you wish to debit or credit your account, insert the amount within the appropriate column.
- After this, pick another account from which you wish to move your money to and from. For instance, if you have added a debit or credit balance in the first line, you must mention the exact amount within the opposite column.
- Verify that you have inserted the exact amount within the Credit column on one line and the Debit column on different columns. This will signify that the accounts are balanced properly.
- You must add the details within the Memo section to know why you generated the journal entry.
- Finally, choose the Save and New or Save and Close option.
Stage 4: Reconciliation of ETSY Account With the Bank Account
You are supposed to check your “Etsy <Name of your shop>” account every month. Then, you must ensure that your ETSY payment account and bank balance match each other. Alternatively, you may also utilize your bank’s monthly statements or get your monthly statement downloaded from ETSY.
Read Also – How To Start a Bookkeeping Business in 2023
Ending Words!!
We hope you find this post beneficial, and now you can easily connect your QuickBooks account to your ETSY account. However, if you still have any queries, you can have a one-to-one conversation with our professionals through live chat.
