I have Venmo set up as a banking account. The balance column always shows cumulative amount

The Venmo account updates, leaving the balance as the cumulative of all transactions, not the online balance, which I can see on the account window. The cumulative amount is WAY higher than on line balance. Any way to correct this besides manually entering it manually?

Answers

  • UKRUKR SuperUser ✭✭✭✭✭
    Is the Opening Balance transaction in your account correct?

    About the Opening Balance transaction in your register:

    Make sure that the "Opening Balance" transaction in your register
    - always is the oldest transaction by Date
    - its amount matches the bank statement balance shown on that day
    - the transaction is marked "R"(reconciled) in the "Clr" column
    - occurs only once in your register
    - uses the same account name, surrounded by [square brackets], as Category as the account it's in (e.g., Opening Balance transaction in your MyChecking account has Category = [MyChecking]) *
    - if you owe money in a credit card account, the Opening Balance transaction as shown in the register must be a negative amount, e.g., $-123.45

    If the Opening Balance isn't correct, your register balance on any given day will never match the bank's balance on the same date.

    * that's called a "transfer back into the same account" and is OK. Quicken uses this method to establish the Opening Balance without making it appear as an Income or Expense in any views or reports.


  • Dolphind23Dolphind23 Member
    All these situations exist. I feel because it's Venmo and not a regular checking account, this answer is off topic.
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