If you have an Etsy shop you'll need to keep track of all of your income and expenses. But some income is more of a wash (shipping) and is offset by the payments that you make to Etsy. It can be a confusing system, and you do have to kind of hunt around to find the numbers that you need.
I mention at the end of this post that you should just get GoDaddy Bookkeeping, and I stand by that, it's so easy. But if you want to try to figure out your Etsy income and expenses on your own, you'll have to go through your bill and remember to check everything. Direct checkout fees are on this spreadsheet, total sales are on that spreadsheet, you get the drift. So here's a cheat sheet.
(There are probably other places where you can find all of this information, but I haven't found one spreadsheet that has everything on it. If you know of a simpler way let me know. Otherwise, go get that bookkeeping program!)
Etsy income includes Direct Checkout payments, Paypal payments and Coupons (included in income in bookkeeping programs)
Etsy expenses are Direct Checkout processing fees, listing and renewal fees, shipping labels and insurance, transaction fees and Vat tax (added to downloads for EU customers and remitted by Etsy to the proper tax authority. VAT taxes are included in your bill but don’t cost you anything because they’re added on then taken out in the same amounts.)
Start at your stats page. (This is August because it’s the last month they’ll let me copy in full to show the month. The rest of the examples are June to show shipping label stuff so the numbers might not add up if you're trying to figure that out, so don't bother with that.) This shows you revenue, which is ONLY sales of items, not shipping fees or sales tax.
On the “your bill” page, you can see the totals of all the fees you paid. Consider this the fee that you pay to get the business that Etsy’s SEO and web presence can bring to you! Totally worth it.
Go to the bottom of the “your Bill” page to find out how much you actually collected for shipping. You should include the cost of boxes and shipping supplies in your shipping charges, so the total that you collect should be MORE than the total that you pay for shipping labels.
On the “Shipping Labels” page, click on the “refunded labels” tab to find out the total of any refunded shipping labels. You have to subtract this from the total that you paid for shipping labels to get the correct amount that you spent.
Next is the orders page. At the bottom you can click on the csv link to find out the Direct Checkout fees you paid. You can deduct those on your taxes since they’re credit card processing fees.
When you click on that link, it takes you to this page.
The spreadsheet includes all DC orders and tells you the fees you paid. The other files you can download from here include some with every order and all fees on them. To find out the DC fees, though, click on the DC payments on the CSV type dropdown, and then choose a date range. To choose the entire year just leave the month field empty.
Easier than doing all this is to subscribe to godaddy bookkeeping and have it import all of your info. It pulls all of your Etsy info into it and you don’t have to go looking for it. It costs something like $10 a month and saved me about 20 hours of work at tax time.
Get the Essentials version and it will pull all of your etsy, credit card, bank, ebay, amazon and paypal transactions in automatically if you set them up to be included. I’m NOT an affiliate of theirs and get no benefit from recommending them, it’s just a program that works really well and saves a tremendous amount of time tracking things down. https://www.godaddy.com/email/online-bookkeeping And if you get in touch with Godaddy customer service they might be able to give you a discounted rate if you pay for a year at a time...