I receive payments for services via paypal and venmo.
My Business Checking Account is already linked to QBO and the bank feed is update. When I look at the transactions in my bank feed I see items like...venmo cash out, transfer venmo my name , venmo myname.
1. Do I need to add my venmo and paypal accounts the same way I added my Business Checking account on the Banking Page and click Add Account and give my sign in information?
2. Currently venmo deposits (venmo cash outs etc) are under the category Accounts Receivable. Why does it default to A/R and can I change ti to represent the service I provided.
3. When I see a transfer from Paypal hitting my checking account. The transfer account is currently Uncategorized Asset. Is this why I need to add my Paypal account so I can match the transfer to the Paypal acccount and reconcile them to each other?
4. Being that Venmo is coming over as a deposit can I just categorize it, add detail and be done and not add venmo to QBO? Does Venmo have to be reconciled like Paypal?
Im sorry if this is confusing....
