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Separating pending payout money and store profits and reconciliation

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DannyA
@dannya
10 years ago
584 posts
I'd like to find a way to reconcile accounts at the end of the day. i.e. I want to make sure that the pending payouts and store revenue matches whats in the account that received the funds. Then move the store revenue to a different account. That way:

1.at any given time, if you look to see total of all artiest with balance waiting to be paid out it should equal the funds in one account.

2. on a daily basis, you're total store profit for the day is moved to a separate account. The profit "payout" should bring the pending store profit balance to $0.0

I think one way to accomplish #2 would be to deposit store profits into the admin user's profile and payout to him.

Any thoughts?
updated by @dannya: 05/26/14 01:07:11PM
brian
@brian
10 years ago
10,148 posts
This is something you would work out in whatever bank/financial institution you use. You could use the ACP -> FoxyCart -> Tools -> Profile Payout to find the profile payout balances from the previous payout.


--
Brian Johnson
Founder and Lead Developer - Jamroom
https://www.jamroom.net
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DannyA
@dannya
10 years ago
584 posts
Where do you find the balance of the site/store profits? i.e. after a purchase is made, and the % is payed to the store is there a table or report that stores that?
brian
@brian
10 years ago
10,148 posts
andersda:
Where do you find the balance of the site/store profits? i.e. after a purchase is made, and the % is payed to the store is there a table or report that stores that?

The profit is going to be what is left in your bank account - JR does not track what you pay to FoxyCart monthly, or your merchant processor monthly - so to track that stuff I'd recommend bringing it into something like Quickbooks or whatever you will use for business items that are outside of Jamroom.

Hope this helps!


--
Brian Johnson
Founder and Lead Developer - Jamroom
https://www.jamroom.net
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DannyA
@dannya
10 years ago
584 posts
So how do you know how much you receive from foxycart after transaction? It seems your artist and store profits are calculated before transaction fees, no?

e.g.
If you sell a song for $1.00
txn fee is .35
it seems you would have net $.65

Of that, if store fee is 20%
$.13 would go to store
$.52 would go to artist.

BUT, if the store does NOT take transaction fee into consideration
Sell the song for $1.00 with 20% store fee.
$.80 goes to artist
$.20 goes to store
and if you pay out transaction fees, $.35
You end up losing money on each sale.

I don't see where module accounts for transaction fees before doing the split.

This is why i keep asking for foxycart workflow logic diagram.
brian
@brian
10 years ago
10,148 posts
FoxyCart does not include the transaction fees in the results it returns to JR since X number of transactions are included with your subscription (either 100, 1000, etc.). Your fees are calculated up at the end of the month and billed to you as a separate item. So in this case, you can go into Payments -> Transactions and create a new transaction called "fees" and add it in as a line item there.

There is no need for workflow logic diagram, since you cannot "get into" the flow where ever you want. If you need to do something custom you are going to have to run off the transaction received event and handle it yourself (we already covered that previously).

I'm not really sure what else to tell you.

Thanks!


--
Brian Johnson
Founder and Lead Developer - Jamroom
https://www.jamroom.net
SteveX
SteveX
@ultrajam
10 years ago
2,584 posts
What Brian said ;)


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DannyA
@dannya
10 years ago
584 posts
So I want to clarify, i wasn't talking about foxycart fees. I was talking about payment processor fees. Please see my example. The order in which things are calculated makes a huge difference.
michael
@michael
10 years ago
7,719 posts
Foxycart is free while in development mode. Run some test sales through to see how it works.

If you want to build a diagram after that it would be welcomed.

There is no diagram that currently exists.
brian
@brian
10 years ago
10,148 posts
The foxycart module does not compute or handle merchant processor fees, since not all processors return the fee amount in their data feed (Stripe for example). Instead, what you want to do is set your Payout Percent (in the foxycart quota config) to whatever you need to cover your fees on an average purchase.

Right now I am not seeing any fee data coming back in the PayPal response, and have a feeling that might be part of FoxyCart 2.0 - but I will check to see if it is at least something that can be collected so it can be used in an event trigger.

Thanks!


--
Brian Johnson
Founder and Lead Developer - Jamroom
https://www.jamroom.net

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