Hello, I’ve been an Etsy seller for approximately 3 months. I’ve now crossed the £1,000 threshold and registered as sole trader, but now I’m looking into my accounting to ensure I stay on top of my finance.
I get regular sales on Etsy and the system they have for breaking down each transaction is very detailed but poorly laid out and in random order for that day. There are sales, VAT processing fees, VAT delivery fees, VAT transaction fees, VAT on advertising, Etsy ads, listing renewals… it’s a jumble. I don’t charge VAT and I’m not VAT registered, but loads of Etsy VAT related fees.
My question is really just this… when I get money in from Etsy, this arrives daily and it would be for random sales (I believe Etsy pays out every 3 days). I don’t issue invoices as my Etsy listing takes in the orders and I then fulfil them and pay for postage. So how do I show this money in from Etsy, or will I have to go through the .csv and try grouping together (manually) what lines go with what, and then enter that as my “money in”? Hopefully the answer isn’t as daunting as the question… thanks in advance!