Selling on etsy

Question

Hi, I have a small business where I am selling only on Etsy which is based in the USA : www.etsy.com/.../NazForge 
 Does anyone know if I need to enter each buyer (individualy) or I can just enter (Etsy) in the clients section... 
 PS : Etsy is somewhat comparable to Ebay, only difference is that there is no (bidding)... Direct sales only, payment are made by either paypal or the Etsy's payment system... Sales made in the Etsy system are then deposited in my bank account...

Keith L · Accepted Answer

Hi Naz, 
 You can setup Etsy as one client and do all your sales from it but you will not know the actual customers behind the sales. 
 If you do not want to create so many customers, you can do "one-time customer". The only downside is that you will not be able to use "pay later" as the payment method. 
 If you need to use "pay later", you will need to setup customers and then delete them in a regular basis. 
 You can follow the KB article link below for deleting customers if you have to do so: 
 How do I delete a customer? - KB15570 
 Hope this helps.

Smith and Co · Answer

I'm not sure how etsy works but am wondering if you will be able to get a report from etsy that details who bought what and how they paid? 
 If so then you could run a daily or weekly report to input into one customer called Etsy as long as you print the invoice and attach the report to it. The invoice would have a nil balance as the report should have your daily sales, the taxes charged, and how paid.

MarySC · Answer

I found the easiest way to reconcile Etsy is do the following: 
 1 - Create a bank account called Etsy Reconciliation and make sure it tracks transactions for reconciliation. (rev. linked accts are the account you would want Etsy sales to record in example rev. general or rev. online sales / Expense linked account + fees would be your online expenses account example: online posting and Payment Fees) 
 2 -Create a client called Etsy Online Sales and add link it to revenue account you want revenues to be added to. 
 3 -Create a supplier called Etsy Processing Fees (you can link it to an expense account) 
 4 - From the screen view of your dashboard, enter all the sales for the month., Enter all the sales by entering them through the customers and sales menu, like a regular client, choosing the Etsy Online Sales client and MAKE SURE TO USE PAYMENT METHOD "CASH" and then the option of your Etsy Bank account called Etsy Reconciliation. (I like to enter my sales individually because I can reconcile them with the CSV) 
 5 -From the screen view of your dashboard, enter all the fees for the month. Enter all the fees by entering them through the suppliers and purchases menu, choosing the Etsy Processing Fees supplier. If you use different expenses accounts to track separately fees and shipping and listings, as you enter each item, manually enter the account to link to. USE THE PAY BY CASH, AND CHOOSE ETSY RECONCILIATION BANK EVEN IF YOU PAID BY CREDIT CARD. (I like to enter each separately, because I can reconcile them). If you choose to use the pay by credit card at this step, it won't post to the Etsy reconciliation bank account and you won't balance. You will make the posting to your credit card in step 7.) 
 6 - Now if Etsy deposited money to your real bank account, make a Bank transfer (Banking menu) from the Etsy Reconciliation Bank Account to your real bank account for the same amount. (In the comment write "Deposit from Etsy and for the Source : I like to use Etsy Deposit) 
 7 - If you were charged on your credit card a fee, make a bank transfer (Banking menu) from your credit card to your Etsy Reconciliation Bank Account. (in the comment write: Payment to Etsy and for Source I like to use PM to Etsy) 
 Your balance in the Etsy Reconciliation Bank Account should match the balance on screen. 
 When you download the CSV file, you can reconcile the transactions posted in the CSV file, like a regular bank account. For the balance at closing use the onscreen balance of the month.

Sage 50 Canada

Selling on etsy

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