A while ago the Etsy Blog had a seller featured who use Outright , which imported the Etsy transactions, Paypal etc and linked to their bank account...The shop said it saved them hours not having to manually enter those things. Great blog post and got me to thinking.
I would love to make things easier this year and Outright does not appear to import with my Canadian Bank, after searching online I came across WAVE that seems to offer many of the Etsy integrations with our shops and Canadian Banks, wondering if anyone in this group has used it??
Thank you Holly, I signed up for it last night, everything loaded perfectly from my bank, paypal and Etsy. Will let you know how it works once I finish setting it up. Thank you for letting me know someone is using it and liking it.))
I use wave, it is fantastic. Really Has helped me, especially leading into tax time.
you can sign up too through stripe to let your customers pay directly through their invoices which works very well for my corporate and wholesale sales that I get off etsy.
Reaching out because I'm stuck! Bookkeeping is absolutely not my favorite thing to do, so thought I'd try Wave (again) and save myself some anguish. Where I'm stuck is integrating Etsy....it says I need a USD payment account (which would be Paypal and that integrates just fine)...but how or what is the work around for direct checkout which is deposited in CDN$? Can anyone direct me to an answer/solution?
Fatema, your accountant is wrong or you misunderstood him/her.
You still have to pay taxes on any amount that you make - be it $30 or $30,000. If you do not, you risk audits, fines, and criminal charges for tax evasion (worst case scenario).
The $30,000 threshold is for when you MUST collect and remit gst/hst ONLY.
Get a second opinion from a certified accountant on that subject as soon as possible and then you can decide what to do. Or better yet, call Revenue Canada and ask them directly - they will definitely tell you the facts on what needs to be reported.
Honestly Fatema, not meaning to offend at all, but I would hire a different accountant.
Fatema - Lisa is right. I made under $30K last year and when I filed my taxes on Monday I ended up with a balance owing of $2500! Under $30K you don't have to collect or remit HST/GST but you have to pay federal and provincial income tax as well as CPP. CPP is the big one - it makes up $1200 of what I owe :(
Amy...sort of ;) The work around is to not integrate it and to do manual entries for the fees. And heads up if you integrate Paypal...it's easier if you don't...at least in my experience. Everything becomes a double entry...one in Paypal and then a 'duplicate' of sorts when the $$ is transferred to your bank account. I think I had my hopes too high, thinking that Wave would be some magical fairy accountant that would be able to wave its magical wand and know 100% of everything I expected and it can't...it's still great, though, once you figure out that you still have to do some of the work ;) LOL
I just signed up for Wave and I'm having a hard time with it. I am manually uploading cvs files for all my transaction, listing, and shipping fees, but because those are charged in USD dollars, how do you reflect that in your account when the sales are listed in CAD?
Hopefully i am not being confusing but if anyone knows, I'd really appreciate the help!
