Need record keeping advice

[CedarDogDesigns]

After nearly two years of doing etsy, I realize I need to streamline my hard copy record keeping. When I first started, I generated a sheet to record the following for each listing:
Listing title
Item listing number
Listing price
Shipping price
Name, address and email for the buyer
Date sold; transaction, order and tracking numbers
Etsy and paypal fees
Etc, etc, etc.....you get the point....too much!!

So...my question is (since so much of this info is available on etsy) what should be the bare minimum information I need to keep on file in HARD COPY FORM??

Would anyone be willing to share their own generated hard copy forms?

[Former_Member]

A printed Excel spreadsheet should do nicely. One thing I do is print my sold order and shipping label. I make a copy of the label, staple them together and put it in a file. Super simple. I have a digital Excel spreadsheet for my supply purchases. Works for me. It doesn't have to be complicated and can be printed if you feel you need a hard copy.

[Former_Member]

I have double copy receipts that I use, the customers info is one here, along with what the purchased, order number (I can look it up on Etsy that way too), shipping and form of payment. On my copy I also add in shipping fee and pavement or PayPal fees so that I have it all in one place. I have thought about using Quickbooks, as it would make tax time that much easier. Maybe next year.

[Former_Member]

I'm glad you posted this! I don't print anything out, I just access data as I need it on Etsy. And then I only deposit funds into my business account, and use that same account to make purchases for the business (and only purchases for the business) - easy to keep track of what's coming in and what's going out. Is there something more I need to be doing? I pay my sales taxes, but this is my first year selling on etsy, and plan to get my 1099, but will I need more than a balance to go by to pay my taxes? (Sorry, this is an area of my brain where there is a giant void).

[CedarDogDesigns]

Thanks to all who posted! Great ideas!

[Former_Member]

@ Pamela, there's a tax team you can join that answers a lot of questions. The name starts with "Etsy US Tax....." Sorry, can't remember the rest. If you go to my profile and look up the teams I'm on, you'll see it. Hope this helps. :)

[Former_Member]

I'm pretty new so I havent figured out a fail proof system yet. I am printing out alot of hard copies - the sold orders, attaching copies of tracking to the sold order, all receipts. But I can speak to the 1099 question. I used to get paid by 1099 in my former job as a therapist and for that when I did taxes I needed a breakdown of expenses. Its obviously different for owning a store. But in that case I needed a separate sum for travel, another for journals/organizations I paid to that year, another for education related to job, etc. So hopefully its not that detailed for owning a shop and it will be more like "income" and "expenses". But I'd love to hear what otehrs have to say about getting organized. I'm just starting out and I can see how it can get a little hairy now that its getting busier and many friends are asking for custom orders while I'm still trying to build up my shop and prepare for the holidays myself (all with a toddler running around the house all day). Fun times! :)

[Former_Member]

I'm trying to keep my process as paperless as possible, so I only print out a copy of my sold item receipt, and one copy goes in with the item that ships to the customer. Once shipped, I write "tracking # 123456789..." and the date shipped on the top of my copy of the receipt. Then I keep my copy in a notebook (which is working for now, but I hope to outgrow the notebook someday in the near future!)

To keep track of transactions, I use Microsoft Money and I keep track of my business bank account there, along with my PayPal account. That way I can see a snapshot of how both accounts are doing.

Good luck, I don't have expert advice since I'm still pretty new =^-^=

[TouchOfSilver]

Orders sold: print etsy receipt, paypal's summary of transaction and shipping. I attach those 2 items to the label documentation (who it went to, date, address and tracking #)

Etsy charges: Print 1st page of bill

Expenses: Excel spreadsheet - enter each purchase as it occurs because it's TERRIBLE to try to do it at year's end. I have all my vendors across the top and dates down the side...included subscriptions, classes, packaging supplies, as well as materials for making jewelry. Monthly Etsy charges entered here along with paypal charges (USPS + PP fee)

Income: Excel spreadsheet - by month. For me I have Etsy sales...listed individually and also sales from stores. Easy to get total from this spreadsheet and the one above, so you always know if you're in the red or black:) Easy for accountant to do his thing at year's end.

[FCJewelryBoutique]

Hello,

I use Excel spreadsheets also......Income Sheet and Expense Sheet.
I also created an inventory sheet.

Does anyone have any employees or assistants? Does anyone take a weekly paycheck from their business?

Happy Holidays! :)

[ClaybyStacia]

I do everything digitally. The only things I print out go to the person when I ship.
Gina, I don't have any employees...just my husband's slave labor at craft shows.:)

[Former_Member]

Ive been using outright....and have been loving it! But they are going to be implementing fees here real soon :/

Little irked tbh they just got a lot of the wrinkles ironed out and course now they want money.

I am still debating if its worth it.

[Former_Member]

I use waveaccounting. https://www.waveapps.com/
They link to etsy and paypal to import all transactions for you. I also have my business bank account linked up. Then I just have to go in and categorize everything. Right now its free too, not sure if fees for it will come or not.

It saves me tons of time that it imports everything for me. As long as I use my paypal debit card or business bank card everything is tracked.

They also have a payroll feature (that you pay for), but its just me, so I don't need that.

[Former_Member]

For pricing and inventory, I created an Excel spreadsheet which I use for each item I make. It has evolved over the past year. Info on it includes cost of goods sold; labor and profit charge; and a general expense charge. For inventory, I track when the item sold; for how much and how many; how many items I made, pre-cut and materials available.

I also have a design/planning sheet I use to help keep me within my budget and purchase supplies needed. (In a fabric shop, I'm like a kid in a candy store and so I need something to restrain myself!!)

For shipping, I print 2 copies of the receipt, one for the customer and one for my records. On the back of my copy, is the shipping info.

For all other info, I download data from PayPal and Etsy into a spreadsheet. I "hide" the data fields I don't need, then save and print when needed.

I'm presently looking at Quick books for accounting and tax purposes. I plan to close my Outright account in a few days b/c I don't want to pay fees and more important I just want more control of where the data resides.

[Former_Member]

1099 info:

Etsy and Paypal will send you one if you have 200 sold items and/or $20,000. Don't quote me on this, look it up on Etsy's info. I can't exactly remember if it's both items together. They issue a 1099K before Jan. 31st. At least they're supposed to. Most banking places are pretty good about timely mailing.

Otherwise, you don't give yourself a 1099-Misc. If you paid other people over $400 and didn't withhold taxes, you send them one. This doesn't include vendors you purchased from. At least, at this point in time you don't. IRS tried to make that happen, but it got scratched.

If I find out any more info, I'll pass it along. :)

[Former_Member]

I don't print out anything really. You can look it up on Etsy for quite some time. All I do is print out the amount I sold each month.....end of story,....and no headache or carpel tunnel. :=] I keep receipts of gas receipts to and fro from the store and thats it.

[Former_Member]

I also use Excell spreadsheets. I keep quarterly inventory and quarterly profit/expense spreadsheets. I update the spreadsheets daily, since trying to do it at the end of a quarter (much less a year) is a nightmare! It is much easier to keep track of my business, and to plan, because my numbers are always current. For hard copy, I do like many others here...I print out two customer receipts, one for the customer and one for myself. I print out quarterly statements from PayPal and Etsy, and keep a mileage record (trip related, such as going to the post office). I have a business account, and a business debit card, so it is easy to keep business separate from personal.