Taxomate reads your Etsy payouts and sends them to QuickBooks, Xero or Wave. This article answers the questions we hear most about Etsy.
Start Quick Setup and choose Etsy as your sales channel. Or go to Settings > Connections.
Have your Etsy shop login ready. Sign in with the Etsy account that owns the shop.
Approve the access that Taxomate asks for. Etsy sends you back to Taxomate.
Your shop name shows under Marketplaces on the Etsy connection page.
To sign in to Etsy again, go to Settings > Connections, open Etsy, and select Reconnect Etsy. Use this if Taxomate lost access. See "Reconnect QuickBooks, Xero, Wave or your store".
Etsy keeps a ledger for your shop. It works like a bank statement. Taxomate makes one payout each time Etsy sends money to your bank, or charges your card for Etsy bills.
If Etsy pays you once a month, you see one payout each month. If Etsy pays you every day, you see a payout for each day.
Etsy payouts do not appear before Etsy pays them out. For help when a payout does not show, see "My payouts are not showing: what to check for Shopify, eBay, Walmart and Etsy". For older history, see "How far back does Taxomate import?".
One Taxomate account holds one Etsy shop. Each extra shop needs its own Taxomate account.
Open the account switcher and select Create another account.
Enter an Account name. Choose Etsy under Sales channel.
Under Billing, choose Add to my current subscription or Bill separately.
Select Create account. Then connect the second shop in that account.
A second shop on the same sales channel (Etsy) fits on a single-channel plan. If your current account uses another channel, such as Shopify or Amazon, the form says Your plan covers one channel. Upgrade to a multi-channel plan, or choose Bill separately. Accounts that share one subscription share its monthly order allowance. See "Manage your plan, card and automatic plan upgrades" and "How do I create another account with the same email address?".
The second shop needs its own invoice customer and its own settings. Open Settings > Connections in the new account and select Manage marketplace mappings. See "Marketplace mappings: what each setting does".
You see this when the shop is already in another Taxomate account. Nothing in your current account changed. Sign in to the Taxomate account that has the shop. If you meant a different shop, sign out of Etsy first, then connect again. To move a shop to another account, contact support.
Etsy can pay you more or less than the activity in a payout. Taxomate puts the difference in a balance account, so that the payout still matches your bank deposit.
Account | Type in QuickBooks | When you see it |
|---|---|---|
Etsy Reserved Balances | Other Current Asset | The sales and fees in the payout add up to more than the amount Etsy deposited, and Etsy still shows a balance after the deposit. Taxomate puts the difference here as a reserve. When the Etsy balance after a deposit is zero and the amounts still differ, Taxomate uses the line Previous Reserve Amount Balance, which also goes to this account. |
Etsy Pending Balances | Other Current Liability | The sales and fees in the payout add up to less than the amount Etsy deposited, and Etsy still shows a balance after the deposit. Taxomate puts the difference here. |
Etsy Carried Balances | Other Current Asset | Only when you send payouts as journal entries and a payout crosses two months. See "What is the Carried Balance Account?". |
In Xero these accounts are current assets and current liabilities. In Wave they are other current assets and other current liabilities.
You pick these accounts on the Accounts and taxes page. They show as the transaction types Pending Balance and Reserved Balance. Do not use an income or expense account for them. See "What are Accounts and taxes?".
If your Etsy shop currency is not your accounting currency, Taxomate needs an exchange rate before it can send the payout. The payout shows Exchange rate needed. See "What does this settlement status mean?".
"Etsy authorization failed. Please try connecting Etsy again." Connect again. Sign in with the Etsy account that owns the shop, and approve all the access that Etsy shows. If the page says "We could not complete this request" instead, do the same.
"Permission not granted. Please try again." You did not approve the access in Etsy. Connect again and approve it.
"Request timed out. Please try again." Wait a minute and connect again.
"Your account doesn't have any Etsy shops connected." The Etsy login you used has no shop. Sign in with the login that owns the shop.
If a message does not help, contact support. Tell us the message and your shop name.
Etsy prices and shipping lines can come in as inclusive of VAT or tax. Check the tax rate on each transaction type in Accounts and taxes. See "How does UK/EU VAT work in taxomate?".
"My payouts are not showing: what to check for Shopify, eBay, Walmart and Etsy"
"How far back does Taxomate import? Getting older payouts and settlements"
"What does this settlement status mean?"
"Marketplace mappings: what each setting does"
"Reconnect QuickBooks, Xero, Wave or your store"
