I don’t charge vat on what as sell as I’m not registered for that, these are the charges which Etsy put on my sales and collect on my behalf. I’m just trying to record all the data from my Etsy sales as the integration software only imports sales data from Etsy to QuickBooks. It doesn’t transfer any fees I pay or the vat I also pay, so without importing these, my overall figures would be completely wrong and would only show my gross sales, rather than net.
so for example this month currently I made £32.35 in sales, my fees were £14.24 listing fees, £2.12 transaction fees, £2.12 processing fees, £0.11 Regulatory Operating Fees, £3.59 VAT on seller fees and £0.36 on marketing.
so the amount shown on the Etsy to QuickBooks transfer only shows the overall total as £32.35 as opposed to the net amount which is £9.81 (after all fees, etc). So I obviously want to record all these figures so that my net amount is correct but Iam not sure how to record these on my chart of accounts to make it so, any help would be appreciated - thanks
this cant be done , as your fees are paid from Etsy sales, so would never show up on Quickbooks.
all fees for example are all taken out of your Etsy balance.
theres no rule on quickbook that allows multiple subtractions on incoming sales .
the reason for me asking about the long-term goals on your VAT plans ( dont take this rudely please )
my main question
Why are you having to account for VAT ? its hassle and stress & not needed. until your VAT registered.
- if its because in the future your want to be VAT compliant - you dont need to account for these
-if its due to universal credit ( you dont need to account for these as they work on income figure and outgoing figure ( no breakdowns needed )
-if its for peace of mind, then i would just ignore it , & use the figures given in the finance tab on etsy. - small businesses are hard as we tend to do all the bookkeeping ourselves, so less headache is a better thing haha
you could always go to options on etsy - download data - sales figures > month & year and this will show it it all on an excel spreadsheet & try get it imported into quickbooks, but unsure if it could handle all the data fields.
