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Venmo as a bank account?

Has any one added venmo as a bank account? My business is mainly with Citi Bank but some small fees like drop-ins or small retail products are paid by the Venmo app. I'm not sure what the best way to report these sales income in QuickBooks and for tax purposes also.

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Venmo as a bank account?

Thank you for reaching us here in the Community, @SDlifter.

You came to the right place for help with QuickBooks. I'm here to provide some information on how to report these sales income in QuickBooks Online.

 

To record the fees, you can create a Bank Deposit. You'll use an Income account if you don't have an invoice involved. However, if you have an invoice, use the Accounts Receivable. Enter the full amount and the customer's name. Add another line item for the small fees and use an Expense Account, then enter the amount as negative.

 

Here's how:

  1. Click the Plus icon at the upper right corner.
  2. Under Other, click Bank Deposit.
  3. Under Received From, choose a customer.
  4. Under Account, choose Account Receivable (if there's an invoice. Income Account if there's none). 
  5. Enter the full amount.
  6. Choose an Expense Account.
  7. Enter the fees as negative.
  8. Hit Save and new or Save and close.

I've attached screenshots below to guide you through the steps.

 

This will get everything nice and organized in your QuickBooks Online account. Have a great rest of your day!

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