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ForestBloom
January 14, 2024
Question

Changing default bank accounts after syncing with etsy

  • January 14, 2024
  • 1 reply
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I'm new to QB but already know that it will be beneficial to sync QB with Etsy where I do most of my online sales. However, I'm just in the process of getting the bookkeeping side of my business set up. At the moment, I'm using my personal checking account with Etsy but soon will be setting up a separate bank account for my business.

 

My questions is this... if I sync QB and Etsy now using my personal account can I easily change the default bank account to a new account later? I know I can change the default accounts separately in both QB & Etsy but will I have to sync them all over again? And if so, do I risk duplication of the sales and fees data?

 

Thanks in advance for any insight you can provide,

Elizabeth @ ForestBloom

1 reply

R
RCV
January 15, 2024

Allow me to share some information on how Sync with Etsy App works in QuickBooks Online, ForestBloom.

 

When using the Sync with Etsy app QuickBooks creates accounts for your company. This is to ensure that the system knows where to deposit your sales and Etsy charges for your seller fees. I'd suggest keeping the 2 separate bank accounts exactly as they are to ensure the app imports your Etsy transactions accurately. If there are duplicate transactions, we can exclude them from the program. Just follow the steps and details in this article: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Before you set up the Sync with Etsy app for the new account, you can review your Etsy transactions' income and expenses. Learn how you can make adjustments to your books if you notice any so that your accounting stays accurate. If you are ready to connect, follow the steps below:

 

  1. In QBO, select Apps from the left menu.
  2. Select the Find apps tab.
  3. In the Search field, enter “Etsy” and select Sync with Etsy from the list.
  4. Click Get App Now.
  5. Follow the on-screen instructions to set up the app, including these steps:

 

  • Permit Intuit to access your Etsy shop.
  • Select the bank accounts you set up in Step 1 so the app knows where to enter transactions.
  • Select the import start date.

 

 

After you finish setup, the app begins to import your Etsy transactions into QBO. Depending on the number of transactions, it may take a few hours to finish. Lastly, if you choose to import Etsy transactions from the past in the second step, the app may add transactions that you already have in your books. This may cause them to be counted twice in your accounting. For your reference: you can refer to this article: Import transactions from your Etsy shop into QuickBooks Online. This gives you in-depth details on how your transactions are imported in QuickBooks as well as tips for reconciling your Etsy account.

 

Feel free to ask if you need more help with this or have follow-up questions about QuickBooks. I'm always here to help you out. Have a great rest of your day!

F
ForestBloomAuthor
January 15, 2024

Thank you for the detailed response. However, it doesn't seem to address the core issue. 

 

I have December 2023 sales and fees in Etsy that I'd like to bring into QB. I know how to sync the two to make that happen. Unfortunately, I used my personal bank account for these sales and fees in December 2023 so I'd have to use that personal bank account for both Etsy and QB, for December 2023.

 

For January 2024 forward, I have a new separate bank account I want to use for both Etsy and QB. How would I go about changing the default bank account for both Etsy & QB while synced? Or must I de-sync the two, change the default bank account on each separately, and then re-sync them?

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