Book keeping for an Etsy Pearl Shop?

Sea Urchin

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Feb 7, 2012
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Not sure if this is the right section, but I'm almost ready to start my little Etsy shop and just realized I have no idea how to keep records for US taxes and just to see if I'm making or losing money. Any advice?
 
I mean, I have my receipts, of course. I need an easy to use bookkeeping program or book.
 
Hi Pattye,

Could I trouble you for the PM, too? Thank you!
 
Sea Urchin, bluebirrrd, Maiakity, JulieBeth, Battah and All,

I commend you, each and all, for starting out thinking of the business end and not just the fun of making jewelry, which is what I did for 4 years before opening my etsy shop. Thought it would be a fun way to keep D-I-Ls, Granddaughters and friends supplied with gifts. Here in Oregon there is no sales tax, so I was off the hook there, and using my personal name rather than a dba means no filing with the state.

Etsy offers lots of help guides for setting up your store and blogs such as this one: https://www.etsy.com/blog/en/2013/the-seller-handbook-archive/?ref=help_seller_handbook#taxes Etsy forums offer help and advice also, some of it very good.

As I previously mentioned to Sea Urchin and Bluebirrrd via PMs, I don't recommend my paper bag method, although I do keep my business paper bag and personal paper bag separate. And clearly marked! So I am publicly admitting I am not really qualified to give advice in this area and need to implement some much better record keeping methods myself! I hope each of you find what works for you and shares it with the rest of us!
 
No sales tax (here I have to pay and charge 20%!) and no income tax on 'hobby' sales. Lordie, I hope you appreciate how lucky you are!
 
Thanks for the information, I appreciate it! I want to make sure to get everything in order before I start so I don't have a hassle with trying to get it together later...
 
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