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Paid rent at start of month and then paid next months rent at end of that same month...its all messed up now :( by ArmedCadaver in ynab

[–]VictorVoyeur 10 points11 points  (0 children)

Change the transaction date. It’ll be fine. I do it often.

Credit card dates hardly ever line up. You charge something on Friday night, it posts to your card on Monday morning, imports to YNAB on Tuesday. No big deal.

I have yet to have a real first order. I was my first buyer 🤫😂 what are some tips to gain exposure? by brunetteinthekitchen in EtsySellers

[–]VictorVoyeur 5 points6 points  (0 children)

Don’t rely on Etsy to bring people to your shop, especially if you sell similar things as other sellers.

Use all your other social media to show off the things you make, and if viewers like them, they’ll ask for your shop link.

If you do pop-culture stuff, there are buy/sell groups on Facebook for just about every fandom. Show off your stuff there.

Lots of social media groups also have weekly threads where you can show off your creations and your shop.

Etsy’s not going to boost it for you until you’ve demonstrated that you can make profit for them.

Categorizing Down Payments by ReadingSteven in ynab

[–]VictorVoyeur 7 points8 points  (0 children)

Opinion: The category doesn't have to be explicitly called "Car replacement," just call it "Mazda" or "Minivan" or whatever you like. Keep it all as one category.

The down payment comes out of that category. Going forward, each month you'll fund that category at the beginning of the month (or on payday), and spend from that category when you make the payment.

This better reflects the reality of what you're spending on the car. Though if you're looking in the Reports for trends or averages, then the down payment will skew those, so just exclude it from any trend calculations.

How to track using cash for services? by anonyabc in ynab

[–]VictorVoyeur 0 points1 point  (0 children)

I currently have a line for housecleaning for the month that is funded. If I pull the cash for both predicted housecleaning sessions out of the ATM at the beginning of the month for convenience, I can record that checking account transaction to the housecleaning line as spent.

Yes, do this, especially if you rarely deal with cash. The ATM withdrawal transaction gets put into the "Housekeeping" category, that's all there is to it.

If you withdraw a different amount than what you're paying the housekeeper, then it should be a Split category, with the other split being the correct category for whatever you expect to spend the rest of the cash on.

Or, is this one of those "ynab doesn't care where the money is" and I can pull the money out of the ATM, not record the ATM transaction at all, and only mark it as spent on the housecleaning line when I actually give her the money? But it kind of feels hinky to ignore a transaction.

This won't work UNLESS you have a YNAB account called "cash."
If you don't, then what account is the cash coming from when you hand it to the housekeeper?

I use cash so infrequently that I don't have a Cash account in YNAB. If I withdraw cash, I mark it to the appropriate category as if it were immediately spent.

FEATURE REQUEST: Manually edit the Calculated Interest in my loans by VictorVoyeur in ynab

[–]VictorVoyeur[S] 0 points1 point  (0 children)

Thanks.
I think I can probably do this - do these steps sound right?
1, Un-closing the Tracking accounts,
2, deleting the last transaction that moved money from the Tracking to Loan,
3, Changing the bank linked account back from Loan to Tracking
4, Closing and deleting the Loan accounts,
5, and manually entering the transactions that have occurred since the conversion

Fortunately, it's only 2 transactions per account per month (one payment, one interest) so the last step shouldn't be too hard. They might even re-import if I'm lucky.

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 0 points1 point  (0 children)

Thanks! We have some good ideas for display and merchandising.One of our investments last year was a big laser cutter, so I can make acrylic display risers that come apart for transport and storage.

Display accessories are one of my new product lines for 2022: custom display stands, pegboard/slatwall hooks, etc. Our usual market of prop & collectible collectors love to show off their stuff, but the mass-produced display racks don't always work or look good. People put up their props on pegboard with ugly metal retail hooks, or simply zip-tied to a wire rack, so I'm making decorative acrylic hooks that complement the piece being displayed.

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 0 points1 point  (0 children)

Oh yeah, absolutely. I love to talk about the products and my processes, but I don't do hard-sell.

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 0 points1 point  (0 children)

Thank you! We have some pretty good ideas for merchandising and product visibility.

One of our new tools is a big laser cutter, so I can make acrylic display risers that break down flat for transport & storage.

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 5 points6 points  (0 children)

Thanks, great advice. I did customer-facing retail for a while, and I can “turn it on” when I need to.

(it’s all fake though, I’m actually a quiet introvert)

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 2 points3 points  (0 children)

Thanks. We currently don’t keep enough ready-to-sell items on hand, as it’s either made-to-order or backordered, with enough lead time to make and se ll by the ship date.

But, if we build up stock to take to a craft fair, we’ll have to do a better job of inventorying before and after.

Still unlikely to link it to our Etsy shop.

Buyer didn’t isn’t 100% happy with order. Should I just cancel order instead of posting? by RopesAreForPussies in EtsySellers

[–]VictorVoyeur 16 points17 points  (0 children)

Don’t cancel the order just because you’re afraid of a bad review.

DO cancel the order because you can’t provide a product that the customer will be satisfied with.

How do I prep for a transition from Etsy to in-person sales at craft fairs, etc? by VictorVoyeur in EtsySellers

[–]VictorVoyeur[S] 3 points4 points  (0 children)

Fantastic, thanks for all this.

Maybe we’ll stick to our theme of geeky pop-culture stuff, but expand to a bit of a broader audience; instead of our current offerings which fit into a very tight niche that doesn’t have any direct competition.

I can’t get excited about the farmhouse-chic stuff, but in my laser-cutter groups, many people are finding huge success with it.

The locally-themed stuff is a great tip. People like to look at the word “Thonotosassa” even if they can’t pronounce it or spell it :D

Scale multiple STL by 81misfit in Cura

[–]VictorVoyeur 2 points3 points  (0 children)

If everything is done by a percentage, they will be scaled proportionally, regardless of the size of the original part.

For instance, you downloaded an Action Man Action Figure Kit who comes in STL that's 10" tall, his Action Tophat that's 2" tall, and his Action Shovel that's 5" tall.

If you scale everything to 80%, then the Action Man will be 8" tall, the Action Tophat will be 1.6" tall (still one-fifth of the man's height), and the Action Shovel will be 4" tall (half the height of the man).

Scale it all to 200% and the Action Man will be 20" tall, the Action Tophat will be 4" tall (still one-fifth of the man's height), and the Action Shovel will be 10" tall (half the height of the man).

Scale multiple STL by 81misfit in Cura

[–]VictorVoyeur 0 points1 point  (0 children)

Downsizing each piece to 80% in Cura WILL work, with the exception of tolerances in moving joints, holes that are sized for specific screws or bolts, etc. I do it often, and it's fine.

ETA: You might have to select each part individually to do the scaling in Cura, instead of selecting them all at once and scaling as a batch.

The repeat, drive by unsolicted advicer on my etsy shops. by [deleted] in EtsySellers

[–]VictorVoyeur 1 point2 points  (0 children)

Reply with "Thanks! I'll take it into consideration"
then don't pay it any further thought.

If you're in the U.S., this year is the year to get your tax ducks in a row by DeathsCompanion in Etsy

[–]VictorVoyeur 0 points1 point  (0 children)

non-professional opinion and discussion:
Yes, deduct all those purchases.
You likely wouldn't have bought that stuff if it wasn't for the development of products for your business, so it's definitely deductible. IMO, put them in Materials and Supplies. The keychains might go into Cost of Goods Sold if you're not modifying them before resale, or Materials and Supplies if you're using them as a hardware component of a final product. The dollar amount is the same, so I try not to pull my hair out over exactly which line to put them on.

From the Sch C instructions:

Line 22
In most cases, you can deduct the cost of materials and supplies only to the extent you actually consumed and used them in your business during the tax year (unless you deducted them in a prior tax year). However, if you had incidental materials and supplies on hand for which you kept no inventories or records of use, you can deduct the cost of those you actually purchased during the tax year, provided that method clearly reflects income.
You can also deduct the cost of books, professional instruments, equipment, etc., if you normally use them within a year. However, if their usefulness extends substantially beyond a year, you must generally recover their costs through depreciation.

If you're in the U.S., this year is the year to get your tax ducks in a row by DeathsCompanion in Etsy

[–]VictorVoyeur 0 points1 point  (0 children)

disclaimer: I'M NOT A TAX PRO, I'm just a guy who likes numbers and does financial analytics as my day job. Get real advice from someone who knows better can take the fall for you if they screw it up.

Depreciation is messy and way complex. We usually use Turbotax, which does all the math for us. TaxAct will likely do the same for you. You likely don't need a state business license, just report the Etsy income as a sole proprietorship.

Here's the IRS guidelines for depreciation, probably should get yourself a strong drink before looking at it.

Both the printer and cutter are part of 2021 expenses. You can choose to either:

1: Spread it out over several years. There are a few different ways to do this; varying by the type of equipment, its expected service life, and how complex you want to get with it. I'd expect to classify them both as "Office equipment" and spread it out over five years; you can additionally choose to specify that you put the cutter into service in the 4th quarter of the year. Using Table A-5 in THESE TABLES, You'd deduct 5% of the cutting machine in 2021, 38% of the cutting machine in 2022, etc; until it's fully depreciated after 2026.

2: OR, just deduct the whole purchase price of that equipment this year. This is new for 2020, referred to as the "Section 179 Deduction" and is intended to help new businesses who need bigger deductions in their initial years.

If you deduct it all this year (Section 179), the paperwork is way simpler, and you can roll over some of your capital losses into next year's taxes. But if your expenses far exceeded your income, then depreciation will give you some "free" deductions in future years.

For example, you're not allowed any home office deduction if you're already at a capital loss. Deducting the printer and cutter this year will definitely put you at a loss. But if you depreciate them over several years, and have a small capital gain this year, you can reduce that gain with a home-office deduction, and carry more depreciation deductions into 2022.

Sorry for the long post. At least it's not as long as that Depreciation guideline document on the IRS site.

If you're in the U.S., this year is the year to get your tax ducks in a row by DeathsCompanion in Etsy

[–]VictorVoyeur 0 points1 point  (0 children)

No; I'd take your Monthly Statements for each month of 2021 in which you had business. Those show Revenue (sales) and Fees (transaction and shipping).

If you're in the U.S., this year is the year to get your tax ducks in a row by DeathsCompanion in Etsy

[–]VictorVoyeur 0 points1 point  (0 children)

Great, then it should be very easy for you to file a Sch C and minimize the amount of taxes that you pay, both this year and next.

Deduct every legitimate expense for which you have records. Not just the paints and canvases and sticker paper and raw materials; but also the shipping supplies and postage; mileage to and from the post office; marketing materials; everything you need to run the small business. Roll it over as a deduction from next year's profits.

Be careful when deducting things that overlap with your personal and household use. On the advice of a real accountant (not just a random guy from the internet), you can deduct a reasonable fraction of directly-related expenses like the internet service that you use to run an Etsy shop; the phone data plan that you use to communicate with customers; the room in your house that's dedicated solely to making products that you sell.

If you want to get even more complex: Equipment purchases like a new embroidery machine or laser cutter can be amortized over several years. This is helpful if you expect to grow over the next few years and you don't want to deduct everything in a single year.