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  1. #1
    Join Date
    May 2007
    Posts
    73

    Arrow splitting payments with partner

    I have a question about splitting payments between me and my partner that is working with me. I looked through WHMCS and they don't have anything that can split the funds by percentages. Does anyone know of a program that can split the income. We want to split the payments between eachother as the money comes in.

    How would you guys do it?

  2. #2
    Join Date
    Jan 2008
    Location
    Ireland
    Posts
    157
    Well if I may suggest 'calculator' on windows. Simple, easy, free

    Then send the payments as needed.

  3. #3
    Join Date
    May 2004
    Location
    UK
    Posts
    610
    There is no way to automatically transfer 50% of the funds received to 2 separate accounts within WHMCS.

  4. #4
    Join Date
    Feb 2007
    Posts
    1,250
    Assuming you both have access to the billing system and can see the raw data, it shouldn't be hard to verify payments received. Then it's just a matter of splitting the funds based on your agreed percentages.
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  5. #5
    Join Date
    Feb 2001
    Location
    West Michigan, USA
    Posts
    9,675
    I'm a bit concerned that you don't have any kind of a partnership agreement that spells this out ahead of time.

    --Tina
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  6. #6
    Join Date
    Mar 2008
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    1,717
    Agreed, if you're running a partnership then you should seriously consider formally organizing it with an operating agreement now... nothing rips two friends or family members apart quicker than an argument over money.

    In your agreement, I would consider talking your partner into letting the company account (paypal, bank, whatever) amass at least 3 months costs as operating capital. Then, after all bills are paid for the month, you take whatever's left over after this capital and split it as per your operating agreement.

    I don't think anyone can stress enough how important it is to protect you both from each other, because money is the perfect wedge between any two people.
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  7. #7
    Join Date
    Nov 2003
    Posts
    516
    I don't think he's looking for what their split should be. Just a VERY simple way of dividing up the profits.

    Sounds like the funds are going to one of their bank accounts - rather than a business account. Would be better to go to a business account, and cut each other checks off that. And I mean cut each other checks. Not writing yourself checks. You know... for legal reasons

  8. #8
    Join Date
    Feb 2001
    Location
    West Michigan, USA
    Posts
    9,675
    Quote Originally Posted by Devil Inside View Post
    I don't think he's looking for what their split should be. Just a VERY simple way of dividing up the profits.

    Sounds like the funds are going to one of their bank accounts - rather than a business account. Would be better to go to a business account, and cut each other checks off that. And I mean cut each other checks. Not writing yourself checks. You know... for legal reasons
    This should all be in their partnership agreement. Seriously, details like where the money is being deposited and how much they each are going to get paid and how - all that should be set in stone.

    I don't understand why they are relying on WHMCS to determine how much to pay out anyway. It should be based on what's deposited in the bank after expenses.

    --Tina
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  9. #9
    Join Date
    May 2008
    Location
    Tampa, Florida
    Posts
    181
    there is a way to make custom fields so that you can determine who referred each client and help determine the payment that way too if you want help on it i can walk you through it as we have done this with people who wanted to be sales for us...
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  10. #10
    Join Date
    Mar 2008
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    1,717
    Quote Originally Posted by Devil Inside View Post
    I don't think he's looking for what their split should be. Just a VERY simple way of dividing up the profits.
    Again, I have to agree with Tina... the simplest way, which also helps protect a friendship from the perils of business, is to simply divide the profits up after costs. Do it once per month, and a calculator is all you need.

    All of which should be laid out in a partnership agreement if OP plans on staying friendly with this person any length of time. Relying on something like a WHMCS plugin to say how much each person gets is just asking for a fight.
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  11. #11
    Join Date
    May 2007
    Posts
    73
    Thank you everyone for your replies...

    Quote Originally Posted by Devil Inside View Post
    I don't think he's looking for what their split should be. Just a VERY simple way of dividing up the profits.

    Sounds like the funds are going to one of their bank accounts - rather than a business account. Would be better to go to a business account, and cut each other checks off that. And I mean cut each other checks. Not writing yourself checks. You know... for legal reasons
    Your right i have a business account under paypal. All i meant was lets say whmcs has some addon that lets you divide up money. Lets say 40% one person %60 another.. We have already decided on what the pays are going to be so no worries about that. So i guess ill just go through paypal and do it like i figured i would

  12. #12
    Join Date
    Aug 2001
    Location
    Orange County, CA
    Posts
    532
    We have partners and payroll over here.

    We have a shared spreadsheet that partners can see which shows our fixed expenses (payroll, rent, servers, insurance, LOC, etc). We punch in our weekly income (Authnet+Paypal+wire+checks), gross income is reduced to net after expenses, and profit is split according to our LLC Operating Agreement (Profit Interest).

    We also withhold a 'buffer' amount every week (if needed, to maintain a specific balance) and we have a category for miscellaneous expenses using a trailing 52 week average.

    This has worked really well for us for several years, and it's very transparent. It also has the benefit of focusing partners on increasing income and minimizing expenses.
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