JeremyTM's avatar
JeremyTM
User
13 years ago
Status:
Done

Bank transactions: Split payments for negative values

Our main source of income is PayPal. We earn money through an online service, and withdraw from PayPal to our bank account once a week. However, since PayPal takes their fees as the money is paid from the customer, the amount we see in our bank account is only half of the story. It represents the total income, less the paypal fees.

 

Here's an example:

 

Say we receive $1000 into our account. I need to be able to split the transaction like this:

 

110% = $1100 = Revenue

-10% = -$100 = PayPal Fees

 

Currently, the transaction splitting system doesn't allow for this and we have to use journalling.

 

"PayPal transaction splitting"

Banking
T:Banking and Ledger

2 Comments

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  • Steven_M's avatar
    Steven_M
    Former Staff
    6 years ago
    Status changed:
    Open
    to
    Done

    Hi Everyone


    MYOB Essentials will allow for the user to allocate a transaction to include a negative value. For example:

     

  • LynR1's avatar
    LynR1
    User
    2 years ago

    But this negative value is basically a credit in the relevant expense account rather than a debit, right? Like getting credited back for an expense that was payed. How do we change this?