Learn more about how to calculate COGS as a small maker business » You’ll also need to remember to only enter your non-inventoriable expenses to avoid them being counted twice in your tallies (as they will be already being claimed via COGS). This is reported on your Schedule C form that is due in April each year.Īs Quickbooks Self Employed only allows you to enter indirect expenses and has no allowance for inventory tracking, you’ll need to ensure that you are calculating your inventory and manufacturing activities separately and then manually updating your tallies in QB as a separate “COGS” expense category in order to be able to report this correctly. If you make your own products, you need to be reporting the material costs you incur to create your products as part of your COGS (“cost of goods sold”). This means that using Quickbooks Self Employed is unfortunately only going to cover one relatively small part of your reporting obligations. This distinction is really important as it changes everything about the way you need to report your end of year revenue and expenses to the IRS. The problem is that most Etsy handmade sellers are not only self employed businesses, they are self employed manufacturing businesses. ![]() Wonderful, you say: I’m self employed, would love to have my Etsy orders and fees all imported for me and it’s all I think I need to do my taxes. The version of Quickbooks that integrates with Etsy is their “Self Employed” one - this is their basic, bare-bones revenue and expense tracker designed specifically for self employed businesses, with the added bonus of Etsy data integration. Sellers who choose QuickBooks Self-Employed with TurboTax can pay their quarterly taxes directly online by clicking Taxes → Quarterly Taxes in the left hand navigation, then selecting the Pay Online option.☞ Get your inventory organized with our award winning Etsy inventory software: track raw materials and product stock, COGS, pricing and much more. To get an estimate for your quarterly taxes owed, click Taxes → Quarterly Taxes in the left hand navigation on QuickBooks Self-Employed. You can read more about quarterly tax payments on Intuit's Self-Employed Center. Since Etsy sellers are business owners, it’s possible that you’re responsible for paying quarterly estimated taxes. Only Etsy Shipping Label fees will be included automatically. If you purchase shipping labels outside of Etsy, we recommend you connect the account you use to make those purchases. Sellers with standalone PayPal should make sure to connect their PayPal account to ensure that the data is collected and included. This categorization should happen automatically in QuickBooks Self-Employed.Įtsy orders paid for with standalone PayPal will not transfer to your QuickBooks Self-Employed automatically. ![]() Any deposits made into a bank account from your payment account are considered a transfer. If you've linked your Etsy account to QuickBooks Self-Employed, your Etsy Payments orders are considered your Business Income. Integrating other accounts on QuickBooks Self-EmployedĪfter setting up your QuickBooks Self-Employed account through Etsy, you can include sales and expense data from all of the places you do business including Square, PayPal, and any bank account or credit card you use for business expenses. Once you click the Allow Access button, your Etsy shop data will begin syncing with Quickbooks Self-Employed. You’ll be redirected to Etsy and asked to allow Quickbooks Self-Employed access you to your Etsy account information. Once you create a Quickbooks account, you’ll be asked to connect your Etsy account. To sign up for QuickBooks Self-Employed or QuickBooks Self-Employed with TurboTax, click here. Sellers in the United States also have access to TurboTax.īecause QuickBooks Self-Employed and TurboTax are owned, operated and maintained by Intuit, we suggest reaching out to their support team directly with any questions about their software. Sellers in the United States and United Kingdom can integrate all of their shop’s financials directly into QuickBooks Self-Employed.
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