Etsy Integration no longer accurate

Bizfound32Bizfound32 Member Posts: 2

Not sure if this is the right place to post this.

Etsy recently made a change to how they apply fees, so instead of sending a "bill", with all of your fees which you'd pay once a month with credit card, they now include all your fees right in your Etsy Deposit Balance account so they get subtracted right from what you are owed. The problem with the Wave integration is that it only imports sales transactions. There are many other micro transactions for expenses and fees that never get imported and it throws the entire balance off.

Comments

  • annasinfinityartannasinfinityart Member Posts: 1

    Yes! I'm new to Wave, just signed up yesterday. This is a nightmare!
    It now shows that all your deposits are nearly doubled, minus the fees. It needs to be corrected on Wave's end so that they don't take in the individual deposits anymore, but then we don't have the fees to put into a different category.
    When I saw that Wave was doing an update last night, I thought for sure they were going to fix this issue, but they didn't. I'm not sure what to do now and I'm not sure I want to spend time to fix it.

  • LindyLindy Member Posts: 1

    This is true. It would be great if Wave could add in the Etsy fees so we can account for them. Until then you can go to your Etsy Payment Account, scroll down to the bottom and see the fees for each month. Then you can add these manually in to Wave (similar to the Fee for Paypal Transaction).

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @Lindy . Thanks so much for the feedback as well as this workaround to get your fees into Wave. This is a good way to account for the fees until the issue is solved.

  • shelaughsandlettersshelaughsandletters Member Posts: 1

    @alexlewiszarkos said:
    This is a good way to account for the fees until the issue is solved.

    Is this going to be resolved any time soon? Now that my Etsy sales are increasing it is EXTREMELY time consuming to enter three small fee transactions for each sale. Some are $0.20 or less, and there are just so many to enter! There is a listing fee, a processing fee, and a transaction fee. I would love for the fees to be imported in addition to the sales!

    Thank you.

  • Bizfound32Bizfound32 Member Posts: 2

    Yes please! It would be great to get this resolved. I've given up on manually entering each transaction fee individually, and instead just create a single transaction at the end of the month, with the total fees charged during that month. It's a real pain, and my reports are never accurate because of this.

  • JamieDJamieD Administrator Posts: 1,145 admin

    @shelaughsandletters @Bizfound32 As of right now, we still don't have any immediate plans on adding this to the integration with Etsy. Once we have a better understanding of what that will look like in Wave, we will definitely let our users know (please follow this thread as well!).

  • ClaireWryghtAccountsClaireWryghtAccounts Member Posts: 19 ✭✭

    The issue that foxes most people with the Etsy sale at full sale price but deposit at sales price less fees is now the deposit in bank account doesn't match the sale recorded.

    You'll need to set up an Etsy 'bank' account where you can then allocate the sales and fees, then when the money is deposited in your bank account you can record this as a transfer FROM the Etsy 'bank' account. Then everything 'should' match IF Etsy deducted accurate fees from your sales.

  • RyanZenLamaRyanZenLama Member Posts: 5

    @JamieD said:
    @shelaughsandletters @Bizfound32 As of right now, we still don't have any immediate plans on adding this to the integration with Etsy. Once we have a better understanding of what that will look like in Wave, we will definitely let our users know (please follow this thread as well!).

    Feels like there is nothing wave can do because the transactions posted already has the fees deducted when importing? Can wave maybe import the fees also from Etsy ?

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hey @RyanZenLama! Thanks for reaching out! At this stage there is not anything being worked on in the Etsy integration. Hopefully this is something we can visit in the future! I can definitely see how this would help to streamline your workflow!

  • SoEighty7SoEighty7 Member Posts: 5

    Lucky this thread is here and that it came up while searching, I've read the comments for the workaround, that is exactly what it is though, a workaround.

    It has been a quarter year so figured I'd ask. Are there any plans to improve the integration with Etsy on the board at all? As a major sellers platform for small business owners (of which Wave is aimed at directly), I would have imagined this to be a priority.

    QuickBooks for Etsy (or QuickBooks Self-Employed as the package is named) supports Etsy at the same stage as Wave, however, I believe from some research that devs are looking into a more robust integration. I would be surprised to hear that this is not on your radar. Should QB improve dramatically enough I would think about a switch, as the labour taken up by transaction accounting is killing me!

    Hope to hear some positive news! :) I love Wave and wouldn't want to move... :(

  • BethanyGBethanyG Member Posts: 1

    Wave looked great for my needs so I signed up but it looks to have been almost a year since this first was mentioned above and doesn't sound like it's on any agenda to be fixed or improved which is quite sad! Going to have to keep looking for an alternative :( Glad I found this thread though so I didn't spend too long trying to figure out how to include the fees so thanks all who've posted about it :)

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @SoEighty7

    I just want to start by saying you couldn't be more right. Wave is meant for the small business owner. And Etsy users are the quintessential small business owner. I couldn't agree more with this. I just want to acknowledge your disappointment in our integration with Wave at the moment. I do apologize to be the bearer of bad news, however it is not on our current roadmap. Our team is looking into certain metrics for who uses our application and how we can release updates for the common denominator. I do sincerely apologize that this has been pushed back and is not on our radar at the moment.

    I understand it's unfortunate to hear this however I thought I should be honest with you and the rest of this thread regarding the status of our Etsy integration.

    So once I apologize again.

    P.S I took a look at your woodwork. Absolutely beautiful stuff! I envy your craft and ability to be so self sufficient! Good luck with your future business endeavors and reach out if you have any other questions.

  • Driven2inkDriven2ink Member Posts: 1

    I'm glad I came across this thread, as I was hoping integrating Wave with my Etsy shop would help me track my fees. Etsy already makes this hard enough, so I can kind of understand how Wave is reluctant to go there. Following this thread in case there are any changes.

  • ZiggyZiggy Member Posts: 2

    Oh this is so sad. I'm glad I found this thread as well. I'll keep following it in hopes that Wave decides to integrate with Etsy. Fingers crossed!

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