I have Venmo set up as a bank account as well as my business Checking account. I have clients who pay me via Venmo and I pay some vendors via Venmo, so my Venmo account often times has money in it. When the account gets too full, I empty some of the "cash" from Venmo into my checking account. So it reads on the Venmo page as "Transfer to (my checking account)". In my checking account it reads as a Venmo Cashout. I've already categorized each transaction in Venmo into the appropriate chart of accounts, so I don't want to double enter the cash that gets transferred. I'm curious as to how I should record those transfers on each account so I don't show that I'm making more money than I really am. I haven't learned yet how to reconcile an account on this software, but before I do, I'd like to make sure these records are entered accurately.
I'm a beginner at basic book keeping, and have just started using Quickbooks Online, so I am just learning when it comes to figuring out this software and basic accounting methods. Please bear with me as I try to figure this all out. My business is pretty basic in that I have some expenses and I get paid on the spot for most of my services, so I do very little invoicing.
