Three-way transaction, that I am not sure how to handle...

[Jack Whale]

In that case, and again I'm no accountant, I would enter it as shown in the 
screenshot that I have attached.

jw


>From: Robert Heller <heller at deepsoft.com>
>To: "Jack Whale" <jackwhale at hotmail.com>
>CC: gnucash-user at gnucash.org, Robert Heller <heller at deepsoft.com>
>Subject: RE: Three-way transaction, that I am not sure how to handle...
>Date: Tue, 19 Sep 2006 07:00:17 -0400
>
>At Mon, 18 Sep 2006 17:05:11 -0700 "Jack Whale" <jackwhale at hotmail.com> 
>wrote:
>
> >
> > Nor am I an accountant.
> > I was wondering, though, whether PayPal does this all at once with each
> > transaction or if it draws out of your checking account and pays the 
>rebate,
> > say, once a month(or week, or day)?
>
>They record it as three sucessive transactions, for each debit card
>usage.  I guess if I had a suffiencient balance in my PayPal account, it
>would only be two transactions.
>
> > jw
> >
> > >From: Robert Heller <heller at deepsoft.com>
> > >To: Gnucash <gnucash-user at gnucash.org>
> > >Subject: Three-way transaction, that I am not sure how to handle...
> > >Date: Mon, 18 Sep 2006 19:34:12 -0400
> > >
> > >I recently set myself up with a PayPal Debit card, which I am using to
> > >pay for recurring business expenses.  Because I also have a PayPal
> > >button on my web site, I am getting 1% cash back.
> > >
> > >I generally don't carry a balance on my PayPal account, so the funds 
>are
> > >drawn from my (business) checking account as a 'backup funding source.
> > >
> > >Now what happens is this: PayPal performs three transations:
> > >
> > >1) Pays the charge.
> > >2) Transfers the needed amount from my checking account to cover the
> > >charge.
> > >3) Awards the cash-back amount to the PayPal account.
> > >
> > >Right now, I have two regular transactions, a transfer from my checking
> > >account to the PayPal account and a transfer from the PayPal account to
> > >the payee (I have not put in a transaction for the cash back yet).
> > >
> > >Does it make any sense to bundle the whole transaction sequence as a
> > >split transaction?  Or should I just have three transactions? If the
> > >former, I am not totally sure what the split transaction will look 
>like.
> > >
> > >--
> > >Robert Heller             -- 978-544-6933
> > >Deepwoods Software        -- Linux Installation and Administration
> > >http://www.deepsoft.com/  -- Web Hosting, with CGI and Database
> > >heller at deepsoft.com       -- Contract Programming: C/C++, Tcl/Tk
> > >
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> >
>
>--
>Robert Heller             -- 978-544-6933
>Deepwoods Software        -- Linux Installation and Administration
>http://www.deepsoft.com/  -- Web Hosting, with CGI and Database
>heller at deepsoft.com       -- Contract Programming: C/C++, Tcl/Tk
>

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