A New Year brings new Etsy payment reports for sellers. Etsy said it improved financial summaries to make it easier for sellers to understand their finances and said it also added “tooltips” and descriptors for all fees to make it easier for sellers to understand what Etsy is charging and why.
“We’ve reworked how we summarize and present your finances to make it easier for you to understand and use information about your sales, fees, and profit margins,” Etsy explained. “We believe that these tangible changes can help you not just review your sales, but also effectively plan your shop’s future.”
Etsy Activity summaries are now grouped into four sections: Sales, Fees, Marketing, and Shipping. It also stated, “It’s important to note that Sales tax/VAT will appear in the respective sections within your summary.”
The changes only apply to 2022 reporting. Explaining in a FAQ why it didn’t apply the changes to previous years, Etsy wrote:
“We know that each seller has their own unique workflows for managing finances. We didn’t want to disrupt how past data is presented and potentially interfere with these workflows. After careful consideration, we decided to roll out these new seller payment account updates on January 1 so that you can use your existing workflow for 2021 finances and focus on acclimating to a new workflow, if needed, starting in 2022.”
Etsy is also breaking down revenue numbers:
- “The Revenue in your Shop Stats includes all your sales minus any discounts you provided to buyers. This total doesn’t factor in selling fees, shipping costs, or orders that you’ve fully refunded and canceled (learn more here),” Etsy explained.
- “The net profit is the sum of your summary activity, which includes your Total sales, Fees, Marketing, and Shipping costs for the selected time period.” Sellers can find the net profit number on the their payment account.
You can find more information with screenshots of the new reports on the Etsy Seller Handbook.
What do you think of the changes to Etsy seller payment accounts, and how does Etsy’s new revenue and fee reporting compare to those from other marketplaces?