Hi everyone, I am new to Folksy and I am wondering if any of you lovely people can help me with my tax return query.
I am on Etsy too and I have learned how to navigate it to show me all my transaction totals in one place, fees, net, gross etc etc.
Can someone teach me how to get my figures up like this on Folksy please?
Sorry if this is a silly question but as I say, I’m new.
TIA
Debs x x x x
Sorry its not easy to get that info on Folksy (and I always take the etsy ones with a large pinch of salt they are notorious for being wrong!). If you log into stripe/ paypal you can down load csv files from there which should give you most of the info. You can also find your monthly folksy bills on the dashboard.
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I’m just doing my tax return this morning! Alongside what Sasha flags up, my personal view is that I find it easier to keep my own records month by month, so that I list the sale, the Paypal fee, the Folksy fee, the Folksy commission, the postage, then I know everything is in one place. I find it easier to do it month by month than once a year at Tax Time, and I use a particularly jolly and colourful notebook to write it down so that it doesn’t seem too much of a chore!
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hi Sasha thanks for replying. What do you do about Etsy and your tax return then? If you think its wrong, what totals do you use then and has the taxman ever questioned your figures?
Hi Judy, thanks for helping me out here. As I am new I am still trying to find out where all these things are found, where do I find the commission?
@BellaArtesandCrafts Hi there. I am not a Folksy Plus member, so my details might be different from yours, as I notice you are on the Folksy Plus Option. But for me, if I go to ‘My Dashboard’, then select ‘your Folksy Bill’ and choose the bill for a particular month via ‘view’ I get a list which shows my listing fees (as I pay 15p per listing), and then a list of Fees via Sales through Paypal, which details the Folksy Commission. I do not offer Stripe for Payments, so if you do, then Stripe Sales are not listed there as far as I know and you have to check those via your Stripe account. This link might be helpful to you: Understanding and paying your Folksy bill – Folksy Support & Knowledge Base
The graphs on etsy are notorious for being inaccurate (days (and all the sales on those days) being missed off the graphs, the monthly invoices can be incorrect when they are first generated and then corrected without any indication that it has been altered other than the numbers changing which causes problems if you downloaded the first version not the correct one) so I keep my own spreadsheet of figures as sales come in and use that for my tax return. The tax man hasn’t (yet) queried my figures.