Explaining Paypal transactions
You can explain your Paypal transactions using DoubleAgent's explainer rules. (This works a little differently from the Stripe and GoCardless integrations.)
Paypal's standard UK fee is 2.9% + 30p. Let's say you make a sale of £10.00: Paypal will take 59p (i.e. 2.9% or 29p, plus 30p) and you will receive £9.41.
In your explanation rule, you need to:
- explain the sale by setting the Type to Sales and leaving the Amount blank;
- click the Split the transaction between categories button;
- explain the fixed fee by setting the Type to Payment and the Amount to 0.30;
- click the Split the transaction between categories button;
- explain the percentage fee by setting the Type to Payment and the Amount to 2.9% of gross (or 2.9% followed by any text which makes sense to you).
Ideally you wouldn't need separate explanations for the fixed and percentage parts of the fee, but for now you do.
Here is what your rule will look like:
When this rule is run against our example credit transaction of £9.41, DoubleAgent will create 3 explanations:
- a sale of £10;
- a payment of 30p;
- a payment of 29p.
Perfect!
