BBMS Transaction fees

Kathi Sacha:

Robert McConnaughey:

Kathi,


We have used OLX for the past three years +/-, here is the process we use


- within RE when linking the donations from OLX into a Constituent  Gift record it pulls the gross amount of the donation.  i.e $100.00

- BBMS settles the batch and credits our bank account less processing fees - i.e $97.14 (BBMS charges 2.598% + .26 per transaction)

- the gifts associated with the BBMS settlement batch are posted together in RE and subsequently into FE

- from the batch in FE I account for BBMS fees by a Debit to "Credit Card Fees" and Credit the "Bank Account"


the fees associated with accepting online donations are not charged against the donors giving, the fees are an administrative cost of doing business

 

Robert,


Thanks so much for your answer.  That will work for us once we get OLX live.


Kathi

 

Robert,


You mentioned "from the batch in FE I account for BBMS fees by a Debit to "Credit Card Fees" and Credit the "Bank Account" ".  How are you doing this?  Do you have to add a new line to account for the fee for each transaction? Right now we process our OLX transactions in RE.  Go logon to BBMS and get the breakdown of fees for every transaction, then we go to RE and select post our transactions to the GL,  It opens FE and from there it shows 2 lines for each transaction (a debit amount (gross) and a credit amount (gross).  We then change the debit amount to the net, add a line and insert the credit card fee as a debit amount.  This a quite time consuming for our accounting manager.   We are hoping there is a way to avoid manually entering the fees in FE.   And right now no fees are entered in RE. We record the gross amount in the gift amount field.