How to Transition to Sync with Etsy - Next Steps - Beginning Balance Info - QuickBooks Online

Sync with Etsy came out for QuickBooks Online in early 2021, but many of us had already done our January 2021 bookkeeping when we decided to use the Sync with Etsy App. For most of my clients, I chose to integrate Sync with Etsy as of January 1, 2021, so that I could have an entire year of bookkeeping under the same method, rather than switching mid-year. Therefore, I needed to make sure I avoided duplication of January Etsy sales and fees and transferred balances correctly. This video will show you the steps I took to transition my clients from the old method of Etsy bookkeeping I used, to Sync with Etsy.

The steps are as follows:
0:00 We can transition to the new Sync with Etsy without duplication in just a few steps
1:00  Undo your 2021 Etsy deposits categorization
1:25  Re-Categorize all 2021 Etsy deposits to the new Etsy Bank created by Sync with Etsy
2:00 Delete January 2021 journal entry that you already posted (so income & expenses don't get double-counted)
2:45 Transfer ending balance in old Etsy Bank account to new Etsy Bank

If you don't know what Sync with Etsy is, you need to watch this video first! QuickBooks Online Integration with Et...

I'm using QuickBooks Online Simple Start for my bookkeeping in this video. This is my referral link: https://www.SmallBusinessSarah.com/qu... and the Sync with Etsy App which is free.

This video is for informational purposes only and does not constitute tax or accounting advice.