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Haleys
August 12, 2019
Question

HELP PLEASE :(

  • August 12, 2019
  • 1 reply
  • 0 views

Please can someone help me?

 

I have just had to start my account again from scratch as my accountant has told me I need to be limited. I use QUICKBOOKS ONLINE ESSENTIALS. (I used to use Self-employed which I know links with Etsy, very frustrating that it now doesn't)

 

I am uploading x4 accounts - 

ETSY (where I mostly make my money) -

Paypal -

Shopify Sales (sales through my website) -

BUSINESS ACCOUNT (Showing income and Cost of goods purchased for resale) -

 

I am having to do this as my direct sales shown through my BUSINESS BANK are not including fees and listing fees taken from the final amount. I am uploading the full breakdown of these sales including fees, VAT and listing fees separately via .CSV files directly into the ETSY 'bank' I have created.

 

- MY PROBLEM - 

I want to be able to reconcile my business account BUT I am unable to as the sales are incorrect (and not broken down with fees ) are logging and Im not sure how to file them. My first instinct was that I should 'exclude' these as I don't want these to be duplicated obviously as they are already accounted for correctly in my ETSY 'bank'. However this means I won't be able to reconcile my BUSINESS BANK. Do you know how I can log/exclude these successfully and be able to reconcile?

 

Please if anyone can help I will be so grateful. I have lost a lot of precious time with this issue :( 

 

thank you

Haley

1 reply

AlcaeusF
AlcaeusF
August 12, 2019

Thanks for that information, @Haleys.

 

Since your direct sales on business bank is not including fees from the final amount, you can open those sales (i.e invoices) and add a charge for the late fees.

 

Here's how:

 

  1. Click the Accounting menu at the left pane to go the Chart of Accounts.
  2. Locate the bank account and select Account history on the right pane under Action column.
  3. Find and tick the deposit, then Edit.
  4. In the next unused line on the Product/Service section, choose the finance/service charge or late fee item.
  5. Enter the amount, then hit Save and close.

 

For additional information, consider checking out this article: How to enter late fees or finance and service charges.

 

Once done, you can now reconcile your business bank account. Here's how:

 

  1. Go to the Gear icon to get to the Reconcile page.
  2. Click Start reconciling to begin the process.
  3. Choose the business bank account on the Account drop-down.
  4. Enter the necessary information, such as beginning balance, statement Ending balance, and Ending date.
  5. Hit Start reconciling.

 

Refer to this article for more information:

 

 

Please let me know if you have any other issues or concerns in the comment section. I'll be here to help. Have a good one.

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