Etsy QuickBooks Integration Simplified 101
Launching your business online has numerous advantages such as wider audience reach, 24/7 availability of your products to customers, cost-effectiveness, etc. Whether you own a traditional ‘’mortar and brick” shop or decided to start a new business, you would need an easy-to-use E-commerce solution that helps you sell your products online along with freight tracking, stats on web traffic, and a fluent payment process system. Etsy is a popular Online Marketplace that assists vendors connect with their customers to sell vintage items, handmade goods, art, and crafts.
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If you are already using QuickBooks as an Accounting Software for your business, then you can seamlessly set up the Etsy QuickBooks connection. This eliminates the need to manually upload the transactions, receipts, etc to QuickBooks from your bank as the Etsy QuickBooks Integration does all the mundane tasks for you. All your sales and expenses are exported from Etsy directly to your Quickbooks account in a categorically organised format allowing you to comfortably analyse your business’s financial health.
In this article, you will learn how to effectively set up the Etsy QuickBooks Integration for your business.
Table of Contents
- What is Etsy?
- What is QuickBooks?
- How to set up the Etsy QuickBooks Connection: 2 Key Ways
What is Etsy?
Etsy is a brilliant E-Commerce platform for buying and selling handmade and vintage goods. Launched in 2005, this Online Marketplace is a perfect platform for individual creators, artists, and collectors dealing with a wide variety of items such as jewelry, bags, clothing, home décor, and furniture, toys, art, as well as craft supplies and tools. Supporting more than 4.3 million sellers with 81.9 million active buyers, Etsy has simplified the selling process for independent business owners.
Apart from being an Online store for your goods, it also offers features to efficiently manage inventory, order tracking, etc. Customers can search through the website based on several categories with personalized recommendations. You can choose over a number of payment methods like Apple Pay, Google Pay, credit, & debit cards, etc, or even pay through country-specific installment methods. Sellers also have control over their shipping process and can select from several shipping methods.
What is QuickBooks?
QuickBooks is an elegant tool that provides a Unified Solution for all small businesses to meet all their growing Accounting needs. This tool was introduced to the world by Intuit, a leading software company with a deep focus and knowledge of financial software. No prior Accounting experience is required to use this application as QuickBooks performs all your daily tasks.
It offers an On-premise version known as QuickBooks Desktop as well as cloud-based products such as QuickBooks Online and QuickBooks Self Employed that can be accessed over a secure network. With this application, you can easily Track Invoices and Expenses, Run Salaries, Scan Receipts, Create Custom Reports, Pay Taxes, and more.
Its Cloud-based Accounting solutions allow businesses to avoid installing special infrastructure for using the software. All data changes are stored on a secure cloud server and QuickBooks is updated to the latest version in real-time, so employees are always aware of the modifications and updates. QuickBooks allows businesses to link multiple bank accounts to monitor transactions. It also automatically downloads and organizes past transaction records. The Accounting platform also provides an easy-to-use, visually stunning, and an insightful dashboard that displays all important data points such as Total Sales, Budget, and Total Expenses on a single screen.
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- Connectors: Hevo supports 100+ Integrations to SaaS platforms such as QuickBooks, Files, Databases, BI tools, and Native REST API & Webhooks Connectors. It supports various destinations including Google BigQuery, Amazon Redshift, Snowflake, Firebolt, Data Warehouses; Amazon S3 Data Lakes; Databricks; and MySQL, SQL Server, TokuDB, DynamoDB, PostgreSQL Databases to name a few.
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- An active Etsy account.
- An active Quickbooks Online or QuickBooks Self Employed account.
How to set up the Etsy QuickBooks Connection: 2 Key Ways
QuickBooks offers two online Accounting products for its customers. The QuickBooks Self Employed is ideal for freelancers, contractors, and sole-traders whereas the QuickBooks Online comes with more Advanced Reporting Functionalities for Small and Medium-sized businesses.
According to the Intuit Investor Day 2019, Quickbooks Online has 4.5 million subscribers and the QuickBooks Self Employed subscribers topped 1 million. Owing to its intuitive features, Etsy QuickBooks Integration could assist you in better managing your Etsy Shop financials. To seamlessly transfer your data from Etsy to QuickBooks, let’s understand the following 2 critical aspects:
A) Etsy QuickBooks Online Integration
For setting up the Etsy QuickBooks Online Integration, you can use the Sync with Etsy App developed by Intuit and is absolutely free to all the QuickBooks Online Subscribers. To effectively set up the Etsy QuickBooks connection, follow these simple steps given below:
- Step 1: Before installing the Sync With Etsy App, ensure the following bank accounts are linked to your QuickBooks Online Account:
- Bank Account where Etsy deposits the amount from your sales.
- Bank or Credit card account from where Etsy deducts the seller fees.
To check whether these accounts have been added to your Quickbooks account, follow these steps:
- Step 1: In your QuickBooks Online page, navigate to Settings ⚙.
- Step 2: Select the Chart of Accounts option and check the list for your accounts.
If the accounts are not added yet, you can follow the instructions to link and add new accounts to your chart of accounts.
- Step 2: After setting up your accounts, click on the Apps option on the left menu and select the Find the Apps tab.
- Step 3: Type “Etsy” in the search field and click on the Sync with Etsy option from the list.
- Step 4: Click on the Get App Now button.
- Step 5: Now, click on the Connect button and you will be directed to the Etsy Login page.
- Step 6: Log into your Etsy Account and click on the Allow Access button to give permission to Etsy and QuickBooks to share transaction details.
- Step 7: Now, you have to Configure the initial Sync With Etsy app Settings. There are the following 3 setting fields:
- QuickBooks Bank Account Where Etsy Deposits your money.
- QuickBooks Bank or Credit Card Account where Etsy charges fees.
- Start Date for importing transactions from Etsy to QuickBooks.
- Step 8: Click on the Save button after you are done. Then click on the Connect button and finally click on the Ok button to complete the Etsy QuickBooks Configuration process.
Note: The Sync With Etsy App allows importing transactions as far back as January 1 of the previous calendar year. You can make small adjustments to ensure that no duplicates exist in Quickbooks after importing data from Etsy.
For the initial Etsy QuickBooks Integration setup, it can take up to 1-3 hours depending upon the number of transactions that need to be imported. After the initial Etsy QuickBooks Sync, Quickbooks is updated once every 3 hours to provide you with near-to real-time data. Going forward, you can review your Etsy <Name of your shop> account and ensure that it matches the statement from the bank you use for your Etsy payment account.
B) Etsy QuickBooks Self Employed Integration
The Etsy QuickBooks Self Employed connection can help you organise your business income and expenses for your tax forms. It is a smart remedy for the sellers experiencing Accounting and Bookkeeping challenges for their Etsy Shop. To set up your Etsy QuickBooks Self Employed Integration, follow the easy steps given below:
- Step 1: To connect your In your QuickBooks Self Employed Account, navigate to the Gear ⚙ icon and then click on the Bank accounts option.
- Step 2: Enter the Name or URL of Etsy in the search box.
- Step 3: Click on the Continue button otherwise click on the Connect Another button if already have connected an account before.
- Step 4: Enter your login credentials and click on the Connect Securely button.
If you have not signed up for QuickBooks Self Employed yet, you can click on this Sign up link. After you are in QuickBooks, you will be asked to log in to your Etsy account with your Etsy credentials. Finally, click on the Allow Access button to complete the Etsy QuickBooks Integration process.
In this article, you have learned how to effectively set up the Etsy QuickBooks Integration. QuickBooks provides a complete package of tools for Bookkeeping, Tax Filing, Billing, Bank Account Tracking and Adjustment, Expense Management, Inventory, Salary, Budgeting, Payment Processing, and Accounts Receivable. To leverage all these functionalities, you can sync your Etsy financials with QuickBooks via the seamless Etsy QuickBooks Integration. For example, as an Etsy seller, you might be responsible for paying quarterly estimated taxes. With the Swift Etsy QuickBooks Integration, QuickBooks can provide an estimate for your quarterly taxes owed. As you employ QuickBooks for managing and analysing your Etsy Sales and expenses, you can make informed data-driven decisions for your business growth.
As your customer base rises, a tremendous amount of data is generated associated with your customers, products, orders, etc. To gain a better understanding of your company’s financial health and performance, you need to integrate data from all applications used in your organisation for Marketing, Customer Relationship Management, Human Resources, etc. To efficiently handle this massive volume of data, you would require to invest a section of your Engineering bandwidth to Integrate, Clean, Transform, and Load your data into your Data Warehouse or a destination of your choice. All of these challenges can be effectively solved by a Cloud-Based ETL tool such as Hevo Data.Visit our Website to Explore Hevo
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Share with us your experience of setting up the Etsy QuickBooks Integration. Let us know in the comments section below!