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Melb1736
Level 1

Linked Venmo Account

I have Venmo created in QBO as a bank account and linked the account 8 days ago, but it has not updated since I first linked the account. How do I get the account to automatically add transactions like the bank accounts do for easy review?

Solved
Best answer May 23, 2021

Best Answers
Jen_D
Moderator

Linked Venmo Account

It's good to see you here, @Melb1736,

 

There are 2 ways to get your bank transactions in QuickBooks Online if they are not downloaded automatically. First, use the Update button to sync bank transactions into the system.

 

The second option is uploading them manually using a CSV file. The following steps will guide you through the process:

 

  1. Still from the Banking menu, click the Link Account drop-down.
  2. Click on Upload from file from the options.
  3. Press Browse and choose the file you want to upload.
  4. Choose an account from the list, then Next.
  5. Follow the on-screen instructions to map the fields.
  6. Select the transactions to import.
  7. Click Yes then Let’s go.

 

If you decide to import the transactions manually, the bank might re-download the transactions that were not fetched before. To avoid any duplicates, exclude them in the For Review tab. Here's how:

 

  1. Go to the For Review tab.
  2. Mark the box next to each transaction you want to exclude.
  3. Select Exclude from the pop-up at the top.

Excluded transactions are then moved to the Excluded tab, and won’t be added to QuickBooks or be downloaded again. To permanently delete duplicate entries, put a check mark on them, then hit Delete.

 

To learn more about mapping and uploading bank entries, see the following article:

 

 

If you need further help with getting Venmo data into QuickBooks, post a reply below. I'll be more than happy to help you. Have a great rest of the day!

View solution in original post

3 Comments 3
Jen_D
Moderator

Linked Venmo Account

It's good to see you here, @Melb1736,

 

There are 2 ways to get your bank transactions in QuickBooks Online if they are not downloaded automatically. First, use the Update button to sync bank transactions into the system.

 

The second option is uploading them manually using a CSV file. The following steps will guide you through the process:

 

  1. Still from the Banking menu, click the Link Account drop-down.
  2. Click on Upload from file from the options.
  3. Press Browse and choose the file you want to upload.
  4. Choose an account from the list, then Next.
  5. Follow the on-screen instructions to map the fields.
  6. Select the transactions to import.
  7. Click Yes then Let’s go.

 

If you decide to import the transactions manually, the bank might re-download the transactions that were not fetched before. To avoid any duplicates, exclude them in the For Review tab. Here's how:

 

  1. Go to the For Review tab.
  2. Mark the box next to each transaction you want to exclude.
  3. Select Exclude from the pop-up at the top.

Excluded transactions are then moved to the Excluded tab, and won’t be added to QuickBooks or be downloaded again. To permanently delete duplicate entries, put a check mark on them, then hit Delete.

 

To learn more about mapping and uploading bank entries, see the following article:

 

 

If you need further help with getting Venmo data into QuickBooks, post a reply below. I'll be more than happy to help you. Have a great rest of the day!

copjmurray
Level 1

Linked Venmo Account

I am new to QB Essentials online. I have imported the venmo payments and categorized them to sales (I did not make an invoice). Is this correct? I know I need to account for the venmo fees, but if I do that in the transfer it does not match.

Bottom line, I am looking for what steps to take after you import Venmo to make this work.

Thanks!

 

LieraMarie_A
QuickBooks Team

Linked Venmo Account

Hi there, @copjmurray.

 

To clarify, did you receive a payment less than the invoice amount due to Venmo fees? In QuickBooks Online, we can split a single transaction into multiple categories. You can use this feature to account for the Venmo fees. 

 

First, let's create an expense account to allocate your fees.

  1. Select Accounting in the left-hand menu.
  2. Select Chart of Accounts.
  3. Select New on the right-hand side.
  4. Create an Expense account and name it Bank Fees.
  5. Select Save.

 

After that, follow these steps to record a split.

  1. Go to the Banking menu.
  2. Select your Venmo account.
  3. Select the payment from the list.
  4. Click the Split button beside Add.
  5. Select the name of the customer in the Receive From drop-down. 
  6. Select the category for sales.
  7. Enter the full amount of the sale. 
  8. Next line from the drop-down list in the Category field, select the expense account you created.
  9. Enter a negative amount for the Venmo fees.
  10. Select Apply and accept.

 

For more insights about this process, please refer to this article: Add and Match Downloaded Banking Transactions.

 

Once done, record the transfer. Furthermore, you can reconcile your account to make sure your books are accurate. Just go to the Accounting menu from the left pane and select Reconcile.

 

Drop me a comment below if you have any other questions. I'll be happy to help you further. Have a great day.

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