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Is there a smoother way to account for Venmo transactions when the payment exceeds the Venmo balance

This requires a bit of explanation, so please bear with me. When I send someone money via Venmo for an amount LESS than my Venmo balance, all the transactions and syncing with Quicken work seamlessly. However, when I send someone money via Venmo for an amount EXCEEDING my current Venmo balance, I run into a problem which requires a bit of context.

Any time you pay someone money via Venmo that exceeds your Venmo balance, there are essentially three transactions that Quicken SHOULD be downloading from the relevant accounts. As an example, let's say I have a $0 balance in Venmo and I send $10 to Fred. (For reference I use Ally bank.)
  1. -$10 from Ally to Venmo (this should download from Ally)
  2. +$10 to Venmo from Ally (this should download from Venmo)
  3. -$10 from Venmo to Fred (this should download from Venmo)
Of course, transactions 1 and 2 are two versions of the same transaction, so they offset and I'm left with the net effect of -$10 from Ally to Fred. The problem is that only transactions 1 and 3 download. Transaction 2 never downloads to Quicken. So there's no offsetting transfer transaction, and I'm left with a Quicken balance that's $10 lower than it truly ought to be, since the transaction is double charged.

Now, I can obviously do a reconcile adjustment to fix this problem, but that feels pretty clunky. Is there something I'm missing? It seems as if this feature should be built into Quicken.

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Downloads from any financial institution can't know about other accounts you may have in Quicken. But since you're correctly getting the money coming out of your Ally account when you download from Ally, all you need to do is edit the transaction in Quicken to have a transfer to your Venmo account -- the part you've labeled as #2 above; that will create the other half of a linked transaction in your Venmo account.

    (I can't answer why you don't get the #2 transaction to download from Venmo.)
    Quicken Mac Subscription • Quicken user since 1993
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