According to one of the recent integrations released by QuickBooks online, you can synchronize any version of QuickBooks Online, be it Simple Start, Plus, or Advanced, with your online Etsy e-commerce store. This integration enables you to automatically synchronize your Etsy sales and fee from the store to the QuickBooks Online.
In this article, we are going to show you how to Set Up Sync with Etsy in QuickBooks Online.
Two important things to note before we get started here is that the feature to Sync with Etsy can be linked to only one Etsy shop at a given time, and it is available only for sellers in the U.S. at present.
Points To Remember Before Syncing QuickBooks Online With Etsy
There are a couple of important things that you need to set up before you sync Etsy and your QuickBooks Online account. These are:
- Bank account Etsy will use to deposit the money you earn through the e-commerce store
- Bank account or credit card that Etsy will charge whenever you have to pay a fee
Steps for Set up Sync Etsy With QuickBooks Online
To sync your Etsy e-commerce store with your QuickBooks Online account, you must first download the Sync with Etsy app. To do that:
- Login to your QuickBooks Online account
- On the left sidebar, find and select “Apps”
- Here, look for “Sync with Etsy” and hit it to download the app
- Once it is downloaded, select “Connect” and you will be prompted to sign into your Etsy account
Once you’re signed into your Etsy account, you have to select “Allow Access”. After you do that, the welcome screen gives you a reminder that this is available only for U.S. sellers and some more information.
Next, choose the bank account in QuickBooks Online where you wish to direct your deposits from Etsy and a bank account or a credit card that you wish to use to pay any fee or such charges from Etsy. If you are unsure whether your charges go to a bank account or to one of your credit cards, you can look in the finances section of your Etsy store and you will be able to see the billing details on file.
Once your accounts are connected, you can choose a start date to start importing transactions. You can select the start date to be as old as January 1st, 2020. Once that is taken care of, the program will start transferring your transaction information. Allow it a few minutes to complete the process.
Next step will be to confirm the Integration.
- After you are done importing all your previous transactions, go to your QuickBooks online account and select the “Banking” tab.
- On this tab, select the account where your deposits are directed.
- Look for the latest deposit from your Etsy store.
- Once you try to select a category for the deposits, you will observe that your Sync with Etsy app has created a new category on QuickBooks Online named Etsy followed by the name of your shop.
- The account type of the new category is a bank account.
Because of the recent integration, all your transactions are synced in real time instead of monthly. The deposits that took place before the recent integration will be classified under the new bank account and then included.
You’ll also notice deposits from Etsy that look different and present you with an option to match instead of selecting a category. These are the transactions coming through via the integration with Etsy, and QuickBooks Online is now recognizing them, which allows us to match.
Once the integration is set up, your record keeping will become much effective and simpler. From here on, every month, you will just need to select a match for each Etsy deposit.
Now, all you have to do is compare the register and reports.
To do this, go to your bank register and choose the new Etsy bank register that was created by QuickBooks from the top. You will be able to see all of your QuickBooks activity as well as the corresponding activity in Etsy that will show under “Finances”, shop payment account on your e-commerce store.
You can now compare the activity on your Etsy with your QuickBooks Online account and match them against each other. Also, the running balance on QuickBooks should be the same as the running balance on Etsy and you should be able to see how much money you have on Etsy.
Once You Download Sync With Etsy And Connect It To Your QuickBooks Online, It Brings Over The Following Things:
• Transaction fees
• Listing fees
• Merchant fees
• Purchased shipping labels
• Sales orders
• Shipping incomes
• Anything else in your store’s payment account
If you notice that these transactions are presented in a different order in QuickBooks as compared to Etsy. But don’t be confused as all your records get synced.
Your financial reports will give you a good picture of what’s happening. On the Profit & Loss statement, you’ll see your sales and any discounts and refunds will be broken out separately. When you look at expenses, you’ll see your advertising, listing fees, merchant fees, transaction fees, subscriptions, and shipping labels (if you use them). On the QB Balance sheet, you’ll see the amount that is sitting at Etsy and will eventually be transferred to your bank account.
Downloading and synchronizing the Sync with Etsy app is extremely convenient and makes most of your Etsy bookkeeping automatic and hassle-free. It’s an effortless process. However, if you still need help with it, you can get in touch with our expert technical support professional via email to or a phone call .
Final Words :
Hopefully, the given article is useful to Set Up Sync with Etsy in QuickBooks Online. For further queries, get in touch with the customer support system. You can connect with them in many ways. To clear all doubts, connect via email at [email protected] or phone number and also chat with us Live chat .
👉Frequently Asked Questions
Q 1. What Are The Advantages To Syncing Etsy With QuickBooks Online?
Ans-There are many advantages of syncing Etsy with QuickBooks online. Some of them are:
▪ Add, edit, or delete items from Etsy orders during fulfilment.
▪ You can get accuracy of every data.
▪ It will keep your accounting system up to date.
Q 2. Can We Create An Invoice On QuickBooks Online If There Is An Order Created On Etsy?
Ans- Yes, of course you can. You can create your invoices on QuickBooks online for any and all orders generated through your e-commerce store on Etsy. Additionally, you can also customize your invoice to include tax codes, payment statutes, create an invoice with an order status, as well as assign a payment account.
Q 3. How Much Does It Cost To Get The Sync With Etsy App For A QuickBooks Online Account?
Ans-Absolutely nothing! The Sync with Etsy app is completely free to download and use for all QuickBooks Online account users.