right, now i have to figure out how to calculate the FEE which is 2.6 percent + 10C. So far is not working.
sound like you need 2 fee lines in the bank rule
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See why this can be unique to the card processor?
The closest is probably as shown below
But I suspect the percentage should not include the 10c which will result in a 0.26 cent error on the percentage calculation which will occasionally result in a difference in rounding.
For Manager to support that it would need the option to specify a percentage based on the running total not initial total.
HI @Patch i try that but the rule is not applying, i also tryng the other way around, by adding the full amount collect before FEE, so i can just add the fee in the rule, see screenshot.
I am confused by these screenshots for bank rules. Why has the @Patch one Item before account and @Shootify not? The are also both only showing partial screenshots so we do not know what for example the bank account & descriptions are. The latter can contribute to the rule not applying as expected.
Also wonder how you can see an Amount column under which you can select Percentage and Exact ammount. I only get "Item, Description, Account, Tax Code & Division.
They are talking about the Bank Rules under Settings and not under the Receipts or Payments tab.
EDIT: Never mind, it’s the same rule so you can access the rules via both places.
Now click Add line.
Thank you!
Well, if the deposited/received amount includes the fees, then you’ll just have to add them again in the bank receipt rule to get the amount excluding the fees. In your example it would be:
I wonder why those imported received amounts allocated by bank rules end up in Uncategorized Receipts and you’ll have to manually Batch Update them? Maybe @lubos can shine a light on this?
I think that happens if the bank rule is not balanced.
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With a single line rule all the amount is allocated to that line.
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With fixed percentage and amount specified for each line, if all lines don’t add up to the total transaction amount at least the difference goes in the suspense account.
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I have not experimented enough to see if the last line allocation is left blank Manager allocates the balance there.
@Patch the solution you proposed calculates the total collected, however it doesnt not calculate the FEE correctly. (2.6% + 0.1).
The only way i got it to properly calculate the fee is by Collecting the Gross amount before applying the fees, however this leaves with bank account balance with Gross not with the NET.
Below are screenshot for that might help someone else.
1-Gross Collected Rule
2- properly calculated
I need to figure out how a rule to properly collect the Fee with the NET amount.
I think you will find you have the incorrect sign for the fees.
The receipt into your bank is for the net amount so that is what the total needs to be.
- Customer gross payment (a positive amount)
- Paypal fee, reducing the net payment you receive in your bank (a negative amount equal to 10C + 2.6% of the gross). This is a payment you are making to paypal or a negative receipt
- Net payment received into your bank is the sum of the above numbers
So that is what your bank rule should show
- Bank fee payment 10c (a negate number on the receipt bank rule)
- Bank fee payment 2.6% x Gross customer payment (a negate number on the receipt bank rule)
- Gross Customer receipt, a positive number equal to the residual Amount to balance this transaction (I’m not sure if you can leave the amount blank or need to explicitly calculate it as shown on my screen shot above Need some help with square and paypal workflow - #24 by Patch )
Hi @Patch thanks for taking the time to help.
using your screenshot and logic the fee calculation is incorrect.
I have tried and the fee differs, please have a look a the example below.
When imported into manager. it grabs the NET, not the Gross, so I need to correctly calculate the FEE shown.
@Shootify when using bank rules as @Patch describes then you should only have the Gross Value and Fee (- amount) because the Bank Rule would allocate the Fee to an expense account and the Gross to an Income account. In a P&L report the Gross-Fee will show Net.
Oops
your fee is
- 2.6% * gross amount
To calculate your fee from the net amount it is
- 2.6% * (1 - 2.6%) * Net amount = 2.669405%
How should Manager handle this ideally?
One idea I have is that it could import each CSV line as 2 separate transactions (one for gross amount, another one for the fee). This would allow to use simple receipt and payment rules to quickly categorize them.
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If that is what such accounts natively produce, such a scheme would be optimal imo.
But I don’t know what is the best general solution given the variety of banks cvs format & user preferences.