Keep your Etsy shop's books in TallyPip

Selling on Etsy? TallyPip keeps your shop's books the way an accountant would. Your Etsy sales go to income, every kind of Etsy fee goes to its own expense account, refunds are kept apart, the sales tax Etsy collects passes straight through, and each payout is matched to the deposit in your bank feed, so your income isn't counted twice. Today you bring in Etsy's monthly statement; connecting your shop directly is coming.

Who can do this

Owners, admins and bookkeepers, in Sales & Get Paid › Etsy shop.

Set up your shop (once)

1. 1Open Sales & Get Paid › Etsy shop.
2. 2Type your shop's name as it shows on Etsy.
3. 3Choose the bank account Etsy pays into (you can do this later).
4. 4Press Set up the shop. TallyPip adds an Etsy balance account for the shop (it works like a bank account, standing for your Etsy payment account), an Etsy sales tax clearing account, and an account for sales, refunds and each kind of fee.

Bring in Etsy's monthly statement

1. 1On Etsy, open Shop Manager › Finances › Monthly statements, choose a month and press Download CSV. Don't open and save the file in Excel first.
2. 2In TallyPip, on the Etsy shop page, press Choose the CSV file and choose it.
3. 3Check the preview: the dates, sales, refunds, fees, sales tax Etsy paid and payouts in the file.
4. 4Press Bring it in. Do the same for each month; a month brought in twice adds nothing.

Start with the first month you want in TallyPip and work forward. If money was already in your Etsy account before that month, type that balance under Etsy balance before your first statement (it's on Etsy's statement), so your first payout comes out right.

What goes where

• Sales: what buyers paid for your items, shipping and gift wrap, without the sales tax Etsy collected.
• Refunds: money you gave back (it takes away from sales). Fees Etsy gives back on a refund go back to the fee's account.
• Fees: transaction fees, payment processing fees, listing and renewal fees, advertising (Etsy Ads and Offsite Ads), shipping labels, subscription, and other fees (regulatory, currency conversion, and VAT or GST on Etsy's fees), each in its own account.
• Sales tax Etsy collects: Etsy collects it from buyers and pays it to the states itself. It goes in and out of Etsy sales tax clearing, so it's never your income and never on your own sales tax report.
• Payouts: each one is a transfer from Etsy balance to your bank, never income. When Etsy charges your card or bank because your balance went short, that's recorded too.

Each payout is one summary in your books: open it on the Etsy shop page to see every line from Etsy's statement behind it. Sales and fees land in the month they happened, even when the payout comes the next month. Activity not paid out yet waits in its own summary until the next payout.

Match payouts to your bank

1. 1Connect your bank or bring in its statement as usual (Bank transactions).
2. 2When an Etsy deposit shows up, TallyPip suggests Your Etsy payout. Press Match.
3. 3That's it: the deposit is linked to the payout already in your books, so it isn't counted as income again.

Change where something goes

Under Where each kind of activity goes, choose another account for any kind of Etsy activity. Your summaries are rebuilt straight away, except ones you've reconciled or that are in a closed period.

Take a statement back out

Under Statements brought in, press Take out next to it. Its sales, fees and payouts come out of your books, and any payout matched to your bank goes back to Bank transactions for review. It can't be taken out once it's part of a reconciled statement or a closed period.

Something not right?

• "That doesn't look like an Etsy monthly statement": use the CSV from Finances › Monthly statements (not the orders or listings download).
• Some lines couldn't be read: the file was probably opened and saved in Excel. Download it from Etsy again and choose that file.
• Lines marked "Not recognised": Etsy added something new. They went to Other Etsy fees; tell us from Help and we'll teach TallyPip.
• Etsy balance in TallyPip doesn't match Etsy's: check every month is brought in, and the balance before your first statement.
• The payout isn't suggested in Bank transactions: check the bank Etsy pays into is chosen on the Etsy shop page, and the amounts match.

The term 'Etsy' is a trademark of Etsy, Inc. TallyPip is not endorsed or certified by Etsy.