Discover the Best Etsy Invoice Template for Finance

Etsy invoice template for Finance

when it comes to online business such as etsy not many people enjoy the financial side of things so tracking expenses writing off deductions keeping track of income a lot goes into paying taxes and if you don't know where you're doing you can let deductions slip under the rug you're not saving the money you could when paying taxes or you could just forget and come tax time scramble try to find all your expenses in one place and just it's a hassle so i'm gonna show you the easiest way to automate your finances in etsy using a quickbooks etsy integration i've used it for years i fully recommend it and it's automated it's about as easy as you can get so let's jump in here to etsy and quickbooks and i'll show you how to do that right so in this video we're obviously talking about finances so if you want to follow along in your etsy dashboard go on the left hand side to finances click on that and go up to payment account and this is where i'll begin alright so as you can see there's a few different expenses that apply to your etsy store if you're running etsy ads you obviously have your marketing expenses when you make a sale to renew that listing there's some transaction and listing fees as well as maybe some other small fees here and there shipping stuff like that and then as well as your income so you want to make sure you write off everything you can you don't want to miss anything because you may think like oh this listing fee right here is only 20 cents i don't need to worry about it but do that ten times that's two dollars a hundred times that's twenty dollars it really adds up so you wanna make sure you're taking advantage of every write-off and then when it comes to income you really don't you really wanna make sure you don't miss any income because that could trigger an audit and no one wants that so this method is going to ensure that you're keeping track of every single transaction that goes through your etsy store so the old way to do this i used to use a spreadsheet and then i would check this like every day and whenever something new would pop up i would go to my spreadsheet log it in and keep track of expenses that way and the problem with that is if you have a peak season of a lot of sales it can it can really bog you down manually doing this stuff or if you miss a week you're going on vacation to come back you may forget some things and you never want to do that when it comes to taxes and so with this quickbooks integration it is going to automatically keep track of this so come tax time you can just export it and everything is done for you so let's begin by doing this i'm gonna try not to scroll around too much because i don't want to give away my personal information by accident so go to finances and where the arrow is click on it and you'll notice it says quickbooks for etsy if you have a quickbooks account um you can still do this but if you don't it's actually easier because you can just set it up directly in here and it's automatically set up if you already have a quickbooks account it takes a couple days to process just because it's backlogging all of your previous transactions so go to quickbooks for etsy when you click on that alright so it pulls up quickbooks's homepage and you see you can either do for self-employed or for small business i do self-employed because it's just me but if you have a couple staff that you need to pay you can do for small business but for this example just go down here do self-employed it's only seven dollars a month for the first six for the first 12 months so i feel like anyone can afford that it's super cheap and with all the stuff you're getting it's definitely worth it and i'll go over what you're getting uh in a second but so if you don't have an account do buy now sign up and then if you do have an account still hit buy now but it will take you to a landing page where if you previously signed in on your browser it'll redirect you like this and i need to blur this out so you can't see my email but you can just continue and it'll go directly to your account so for new people sign up returning people just do this and we'll take you to your dashboard and then let me jump into quickbooks so you can see exactly what you're getting with this software all right so here's mine i'm not going to jump around too much into these tabs because again i don't want to give away my personal information by accident that would be terrible especially on the internet but with quickbooks you are able to track your transactions so keeping track of expenses your income anything related to your business you can track miles so if you use your car for your business you can track how many miles you have taxes you can actually pay taxes and as you can see i pay quarterly taxes directly through quickbooks makes it super easy reports for all your data invoices i have a couple freelancing clients on quickbooks and so i can actually invoice my clients directly through here keep track of my time same thing with the invoices and capital just disregard that so you can basically do everything regarding taxes within quickbooks itself but many of you may already know that so let's jump into the important part which is automatically tracking your expenses and income through quickbooks from etsy so once you have it all set up if you go over to the transactions tab you can keep this is where you keep track of all your expenses and income you can see that it automatically transfers over all of your stuff from your etsy store um emily let me pull this one up for example so like this marketing fee on april 15th i spent a dollar on etsy ads it already advertised or already put it under the advertising category and has all the information regarding this specific expense automatically like i didn't have to manually input this as soon as i paid for it on etsy it went directly to my quickbooks so it keeps track of my marketing fees transaction fees income for the order like this order right here i made 15.99 automatically track the income and so on and so on so as you can see very beneficial to have this integration and then one quick note that i want to make is down here you'll notice a a listing for um an item for deposit this is etsy depositing the money i made into my bank account which is not an expense it's actually just transferring money from one place to the other so you cannot write that off because i'm not spending the money i'm actually getting it just into a different account so if you'll notice let me move my face if you'll notice that category for deposit is transfer so it's very important that go up here to search transactions type in transfer enter and it will pull up all of your transfers you just want to make sure you omit those and so i just have one i left it here for this video so you can have an example but if you have multiple just hit this box up here it will select all of them and then hit exclude because that is not actually an expense that is just transferring from one account to another so let me just get rid of this go to all and that's that so everything is automatically tracked and you can see you're getting tongue tied as you can see it's excluded makes it super easy so all the stuff from your etsy store in quickbooks come tax time all you need to do export all this put it to your tax provider i use turbotax which is owned by the same company that quickbooks is so it's an easy integration but no matter who you use you can export these and send it to your tax professional or provider so i fully recommend this it streamlines the process so easily the only thing is if you have external expenses like like let's say you have physical products and you have expenses basically that the cost of the products so you can actually uh i don't i don't want to go to home because i don't want to show y'all but under the home tab you can attach accounts and you can attach either your business bank account business credit card regular credit card anything that you're purchasing those items with you can set up to quickbooks and any transaction that goes through that credit card or bank account will automatically log alongside this so um if you have other things quickbooks integrates with pretty much everything so fully recommend it it's a great software i've been using it for years and yeah so i hope this video helped if you have any questions it is a large subject and i kind of just scratched the surface of what all you can do with quickbooks please let me know in the comments if you have any questions and don't forget to subscribe if you haven't already i post twice a week and i would appreciate every subscription so again thank you for watching and i will see you all in the next video you