Hi there guys,
I am trying to figure it out how to properly set manager in my work environment, so id like to get suggestions from people who use the same apps: Square and Paypal
Currently, In my business, I use Square to collect payments and PayPal to buy parts/supplies (non-inventory items). To do my accounting i just imported the bank statements into manager and categorized the transactions as needed (includes CC, Square and Paypal) but i know this is not the right way as i am ommiting Square merchandise Fee and basically, i just reporting a chunch deposit amounts. My goal is to"
1- Import the scheduled square deposits into manager and be able to record the Square Fee on it, which is 2.75 perecent + 30c, so far when i generated the deposit csv report from square, manager is not able to retrieve the Fee value and i dont know why as i have tried different avenues like changing header columns title but no luck. see screenshot when imported.
2- As for PayPal, i use it mainly to buy online, i don’t sell with it, so there is no PayPal Fee involved, however, I am confused. In manager I created a Paypal account and imported the monthly statements from it into manager, however since i dont keep any money on PayPal, for every transaction I make with paypal, it first transfers the money from my bank into PayPal to cover the purchase, as you can see in the screenshot below, the problem is how to reflect this in manager? Once the transactions are imported how to reflect the transfer from my Bank into Paypal for every transaction made?
I have no direct experience with Square. So I will let someone else handle your first question to avoid possible misdirection.
As for PayPal, you have two options:
You can set PayPal up as a credit card. There are instructions for this in the old Guides. Import the PayPal statement. Then import the bank statement. You can easily set up payment rules to automatically categorize the bank payments to post to the PayPal account. Note that if you were only paying the PayPal account off monthly or depositing money there in advance, you would use an inter account transfer. But that is not the workflow you described.
Since you are immediately paying each PayPal transaction from your bank account, you could bypass setting up PayPal as a credit card and just import the bank statement. You would need to decide how to record these, as you probably do not want your records to reflect every payment going to PayPal. I have done this myself and just include a note in a custom field to annotate the fact that the payment (to Merchant X, for example) was paid via PayPal. The main downside of this approach is that you cannot ever record any other type of situation except the immediate, direct payment you say is typical. If you encounter that, you would have to revert to option #1, at least for that transaction. And there is no way to record a receipt and payment of PayPal fees if you should happen to sell something.
hi @Tut , in option #1 you described, if i imported the statment from paypal into a paypal account in manager, how to reflect the deposits/transfer made from my bank account to paypal to cover the purchase?, (see screenshot above) as i said, i dont keep money on paypal as every purchase i made with it, paypal pull the money from my bank.
You would have set PayPal up as a bank account. Like most credit cards, you would designate it as a liability account since postings to it would normally be credits. (But it really doesn’t matter, since it is going to be zeroed out.) So, importing the PayPal statement builds up credits in that account.
When you import your bank statement, the payments from your bank account to PayPal will also be credits. But, by posting them to the PayPal account, you are posting the balancing debits to that account. The debits will cancel the credits.
As I said, you can easily create payment rules that recognize the payments (withdrawals) from your bank account that should be posted against the PayPal account.
I mean no disrespect, but if you do not understand this, you are probably not ready to be importing statements into Manager. You can begin all this manually, recording purchases via PayPal the same way you would with a credit card. Then you enter the payment from your bank account. Once you see how it works, the importing process should be obvious.
Well, AFAIK, unfortunately there’s currently no possibility to make a payment or receipt rule by allocating a bank account, which would get rid of having to delete those receipts/payments and manually create an inter account transfer entry for each and every receipt from or payment to another bank account. Maybe @lubos can make this possible because it’s quite frustrating.
hi @Tut, yes i am aware of that and was about to ask in the forums. Option #2 is the way i currently doing it, however i wanted to be more granular on reflecting the transacctions so my desire is to have independ Paypal account for that purpose.
Another issue i have is with the Credit Card Merchandise report (Square), in which i am able to import the statments, however the issue is I cant import the FEE (comission they get per transaction), id like to know how can i get this to work.
square is just another CC Merchandise, we use to collect CC Payments, nothing special about it.
Every CC Merchandise company will give you that report.
What is special about Square is its specific fee structure and the way it reports transactions. Every credit card processor is unique in that way. There is no standard.
HI @Patch , where is this screenshot from, when i create a new rule i dont have the option for percentage, in fact , looks way different that the screenshot below.
The post where @Patch copied that illustration is more than 9 years old. There is a high probability whatever it is and wherever it is from have changed.
Oops didn’t notice that.
Looking again that post was a little over 2 months ago not 9 years, but I do find the forum dropping the year for recent posts confusing.
@shootify Equivalent screen from v23.11.13.1143 shown below. Looks similar to me. Note to see the options to divide up the total, more than one line is required
One line bank rule
