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Level 1

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

 
5 Comments
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Community Champion

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

Venmo like paypal is just a service that transmit your money from one of your accounts to the vendor. It is not a credit card or liability just instant or nearly instant transfer.

 

So do not add venmo in your chart of accounts but as a payment method - like ACH. Record your payment within the bank account being used with reference as venmo.  If you cannot add the venmo fee in that payment transaction you can always record it separately 

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Level 3

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

I have a slightly different situation that I could not specifically find in the Community help. The business owner had a vendor initiate a Venmo transaction to the business credit card.  The Venmo history showed a correct payment of $440. You have to look further into the payment details to see that there was also a fee of $13.20. The full amount of $453.60 was posted to the credit card. In QBO the total amount was posted to Uncategorized Assets. I matched that amount to the Credit Card Register. But I cannot unmatch it and expense it to the correct category and vendor. Any suggestions?

Thank you!

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QuickBooks Team

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

Hi there, @ keynq.

 

You’ll first need to check the Venmo history to see if the transactions are correct. Then, manually match the transaction to your QuickBooks Online. I’ll guide you how.

 

  1. Go to the Banking menu, then select the Banking tab.
  2. On the For Review column, choose the correct transaction. 
  3. Select a customer or vendor name from the Select Payee drop-down.
  4. Check that the selection in the Category field is accurate, or choose a more specific Category.

 

Then, here’s how to manually match the transactions.

 

  1. Click the transaction to expand the view.
  2.  Review the Records found. These transactions are ones you already entered in QuickBooks.
  3. Review the Deposit to field on the forms.
  4. When you’re done, select Match.

 

Once done, you’ll need to record a Split for the fee. You may follow the steps below.

 

  1. Select the left Banking menu and select Banking.
  2. On the For Review tab, select a transaction to open it.
  3. Select the Split button to open the Split Transaction window.
  4. Select a Category and enter an Amount for each category to assign to the transaction until the total amount matches the downloaded amount. 
  5. Select Save and Add.

 

For more details, you can also check this link:  Assign, categorize, edit, and add your downloaded banking transactions.

 

For future reference, you can open this link to learn more about reconciliation

 

Let me know if you need anything else. I would be happy to assist you. Have a great day!

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Level 3

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

Thank you, Charlene. The crux of my problem is that Quickbooks posted the transaction to A/P and as a transfer. Because it was already posted to the credit card account I matched it. Now I can't seem to get it out of A/P to post it to the correct vendor and category.  I'm sorry if I wasn't clear.

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QuickBooks Team

How do I categorize Venmo payments in Quickbooks if they are used to pay a vendor or subcontractor? Everytime I change one payment it changes them all?

Allow me to chime in, @kevynq.

 

You can view the bank matches from the transaction by clicking the blue hyperlink within the transfer that says Online banking matches. You'll want to un-match the transfer and change the account type to the correct category and vendor. Then, you can follow the steps provided by my colleague @CharleneMae_F to match the transactions and split the fee from Venmo. You may also find this article about editing transactions helpful.

 

Feel free to comment below if you have any other questions. Best wishes!

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