Tax Records

[BadBob]

When I had only an Etsy shop, this was easy. I connected Etsy with QuickBooks; all I had to do was add expenses from outside Etsy and file my taxes. It was cheap at first, but they keep going up in price, and I am selling other places now and looking at other methods.

Any suggestions?

[kmmcrafts]

There are some free ones I used to use.. But it was limited.. and I don't recall what the site was called.. BUT.. it didn't sync very well or at all.. I also use quickbooks now and yes they have kept raising the fee.. 

IF you continue to use it.. you can also connect it to PayPal and I 'm sure Stripe as well.. I have mine connected to several payment processors that I use and a Credit Card too so whenever I buy supplies etc it's automatically entered in.. I still have to manually select what the expense is on some of the things I buy but you can set up rules to always be X expense from certain vendors.. Guess I'm spoiled with it now because it's almost does everything on it's own.. Even my mileage deduction is set up on my phone so when I drive to the post office or to get supplies locally it's all in there.. 

The one thing it won't do is my Amazon site.. for some reason it cannot be connected to Amazon so I just enter manually my monthly income / expenses.. 

But anyway, if you continue to use it.. you can set up to receive the data from multiple places.. so it'll still be automatic..   

[BadBob]

I think I will add a suggestion to GoImagine to add a connection to QuickBooks.

I found the following by asking Bard. I haven't done it since it never occurred to me. I have a business account, but I buy everything through that account. It might be easier just to import them like I have been doing.
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Yes, you can connect your Amazon Business account to QuickBooks Online. This will allow you to automatically import your Amazon Business purchases into QuickBooks, saving you time and hassle.

To connect your Amazon Business account to QuickBooks Online:

1. Go to the Amazon Business Purchases app page on the QuickBooks Online website.
2. Click Get app now.
3. Sign in to your Amazon Business account.
4. Select the import start date.
5. Click Finish.

Once your accounts are connected, your Amazon Business purchases will be imported into QuickBooks overnight. You can then review and categorize the transactions, and match them to your bank or credit card statements.

Here are some of the benefits of connecting your Amazon Business account to QuickBooks Online:

• Reduce manual data entry: You won't have to manually enter your Amazon Business purchases into QuickBooks. The app will automatically import the transactions for you.
• Get more details: You'll be able to see product descriptions, item costs, and fee breakdowns for each transaction in QuickBooks. This will help you to accurately categorize your expenses and track your spending.
• Easy categorization and reconciliation: You can easily categorize each Amazon Business purchase separately and match it to your bank or credit card statements.

If you're using QuickBooks Online, I highly recommend connecting your Amazon Business account. It's a quick and easy way to save time and hassle and get more accurate financial reporting.

 

[kmmcrafts]

1 hour ago, BadBob said:

I think I will add a suggestion to GoImagine to add a connection to QuickBooks.

I found the following by asking Bard. I haven't done it since it never occurred to me. I have a business account, but I buy everything through that account. It might be easier just to import them like I have been doing.
---------------------------------------------
Yes, you can connect your Amazon Business account to QuickBooks Online. This will allow you to automatically import your Amazon Business purchases into QuickBooks, saving you time and hassle.

To connect your Amazon Business account to QuickBooks Online:

1. Go to the Amazon Business Purchases app page on the QuickBooks Online website.
2. Click Get app now.
3. Sign in to your Amazon Business account.
4. Select the import start date.
5. Click Finish.

Once your accounts are connected, your Amazon Business purchases will be imported into QuickBooks overnight. You can then review and categorize the transactions, and match them to your bank or credit card statements.

Here are some of the benefits of connecting your Amazon Business account to QuickBooks Online:

• Reduce manual data entry: You won't have to manually enter your Amazon Business purchases into QuickBooks. The app will automatically import the transactions for you.
• Get more details: You'll be able to see product descriptions, item costs, and fee breakdowns for each transaction in QuickBooks. This will help you to accurately categorize your expenses and track your spending.
• Easy categorization and reconciliation: You can easily categorize each Amazon Business purchase separately and match it to your bank or credit card statements.

If you're using QuickBooks Online, I highly recommend connecting your Amazon Business account. It's a quick and easy way to save time and hassle and get more accurate financial reporting.

 

I didn't know they offered this now... I know when i first signed up to Amazon it wasn't a option to do and it was talked about on the Amazon forums.. I'm not very good at keeping up with happenings on Amazon because, and I've complained of this as well as many others have too.. They send out seller newsletters dang near every day... many times a couple times a day AND they also send unrelated content to "Handmade Sellers" so most of it is spam to the Handmade sellers.. ALL of the handmade sellers have complained of this and most admittedly said they don't even open the email they just delete it.. I'm in that just delete it category, LOL.. 

It has been tempting to stop selling altogether on there but they do bring in a lot of sales and it'd be a fairly large loss of income but really.. selling on there is a royal pain in the backside at the same time, LOL.. That said.. the monthly statements entering manually from one site and the way the do the statements all the info is on them and it's not too bad to manually enter 12 times for the income and 12 times for the expenses.. 

As for entering manually and having business account.. for me on PayPal I also have a business account and I also buy most things through the business account.. and it does go to quickbooks.. however... within QB you can select it to be a personal purchase or business.. personal purchases I mark personal so it separates it..  

[BadBob]

1 hour ago, kmmcrafts said:

within QB you can select it to be a personal purchase or business.. personal purchases I mark personal so it separates it..  

Yes, I do that.

I don't often read Etsy stuff because it is mostly irrelevant.