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
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?
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.
Then, here’s how to manually match the transactions.
Once done, you’ll need to record a Split for the fee. You may follow the steps below.
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!
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!