Paypal transaction split confusion
Derek Atkins
warlord at MIT.EDU
Tue Apr 19 12:48:45 EDT 2016
Hi,
trythis <grahamlane at gmail.com> writes:
> I haven't begun looking at adding the Square transactions which will have a
> different rate for fees.
> entering the transactions as invoices first is the fastest. Once the
> transaction is in the paypal account, its easy to add the split for the bank
> fee. If I dont click on another account expense:bank fee is already
> highlighted so I dont have to search it out or I can just use the account
> code.
Well, your other option is to do this in two steps:
Invoice:
Credit Income $5
Debit A/R $5
Then payment:
Credit A/R $5
Debit Bank $4.59
Debit Expenses $.41
To enter the payment you have two options:
1) Create this split transaction manually and then apply the payment to
the invoice, or
2) Process Payment, and then manually split the payment transaction
after-the-fact.
If you choose #2, make sure you don't change the A/R split or your
A/R accounts will go out of balance.
> The only downside is that all of this renders qif or aqbanking useless
> unless there is a way to generate an invoice within that. (surely not,
> since its backwards to use invoices on pre-payed pledged contributions.)
Correct, there is no way to use any of the standard importers to create
invoices (except, of course, the invoice importer -- but that's not QIF
nor AqBanking).
> I wish I was a programmer, I would love to build a pledge income system.
> Instead of invoices, it would be for pledge receipts and work exactly like
> the invoice structure.
No time like the present? ;)
-derek
> Derek Atkins wrote
>>>
>>> I think I have it figured out>
>>>
>>> IN the paypal account the split reads:
>>>
>>> Assets:paypal 4.59 increase
>>> Expenses:bankfees* 0.41 increase
>>> temp account**: 5.00 decrease
>>>
>>> Then I apply the payment to an invoice, and this is what solved the
>>> problem;
>>> you can change the amount paid when selecting the customer and accounts
>>> payable account. I changed it to $5.00 and poof, invoice works right,
>>> accounts payable works.
>>>
>>> The account Income:project:X increases $5.00, paypal account is increased
>>> by
>>> $4.59, and bank fees are increased by 0.41. I can put the bank fees in a
>>> sub account like Expenses:bank fees:project:X or Expenses:Project:X:bank
>>> fees Either way is useful for reports.
>>>
>>> *the goes to imbalance and I have to return it to a bank fee after
>>> processing the payment.
>>> **This gets rewritten anyway and converts to accounts receivable through
>>> the invoice system then the income account increases from accounts
>>> receivable.
>>>
>>> This is a very complicated way to show that we received $5 but I can't
>>> see
>>> anyway better.
>>
>> What I would recommend, if you insist on using the business features, is
>> using a Tax Tables to handle the Paypal fees and then set it to
>> "TaxIncluded". So you would mark it "TaxIncluded" which is similar to
>> what you get in Europe, where what you see is what you pay, versus the
>> US where the Tax is added on in addition). This changes the internal
>> math from the US-style "Subtotal + Tax = Total" to the Europen style of
>> "Total - Tax = Subtotal".
>>
>> The hard work is going to be figuring out the proper Tax Table
>> configuration to get this to work. I don't know Paypal's fee structure
>> sufficiently, and I do not believe the current tax tables can handle a
>> graduated tax structure.
>>
>>> Thanks
>>
>>> Please remember to CC this list on all your replies.
>>> You can do this by using Reply-To-List or Reply-All.
>>
>> -derek
>>
>> --
>> Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>> Member, MIT Student Information Processing Board (SIPB)
>> URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
>>
>
>> warlord@
>
>> PGP key available
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>
>
>
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--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
warlord at MIT.EDU PGP key available
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