In the past one could not import Venmo transactions easily, but now on can set up Venmo as a pseudo-bank and import the transactions, either automatically (which I DO NOT recommend) or manually from a downloaded CSV file.
The issue arises with how QBO handles payments you make out of Venmo that are really transfers to your bank account. QBO views payments out of Venmo as an expense item and catetorizes them as such, assigning them automatically to Uncategorized Expense and there is no way to turn this into the transfer that it really is. This is a good reason no to use Venmo as a connected account but to import the transactions from a downloaded CSV file.
And when you code the Venmo payment as a transfer to your bank account, don't do it directly but put the transfer dollars into a holding account - an Other Current Asset account which you use to hold the money.
Why? Well when you do the actual bank transfer in the real world, you end up with a deposit transaction in your real-world bank account and if you now record this is as a transfer directly from Venmo it debits your bank account and credits the Venmo account, causing a negative balance in Venmo. The solution for the transfer on the bank account side of things is to encode the transfer transactions as a debit for the bank account and a credit from the holding account.
Using this technique you get a record in QBO of the transfer transaction for both accounts - Venmo and the transfer target bank account.
