Does anyone have any suggestions on the best way to deal with tenants paying rent with Venmo.

I receive rent from tenants via Venmo. Venmo allows some of my tenants to pay the full rent ($3600 for example) but then I have to split that up when I transfer from Venmo to my bank account because they have a transaction max of 2999. So, I then do 2 transfers of $1800 each but it completely messes up my Quicken. Worse is when my tenants have to split up paying their rent because Venmo wont let them transfer that much so I end up with multiple transactions for one property. Any suggestions would be appreciated. Thanks.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @bproll

    Can you be a little more specific by what you mean when you say "it completely messes up my Quicken"?  Obviously, the transactions you receive from Venmo into your bank account are coming in in parts as opposed to the whole rental payment, but you should still be able to record them - in parts - in Quicken.  

    Please explain what the problems are in your Quicken account(s) so that we can help you.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • bproll
    bproll Member
    Thank you for answering so quick. I am just thinking there has to be a better way that what I have been doing. It is just hard to reconcile everything when I have multiple tenants paying the rent in multiple payments to Venmo and then I have to make multiple transfer amounts from Venmo to my bank. Would you suggest that when I ENTER RENT in the Rental Property Module that I just enter what I transfer from Venmo to my bank and not worry in Quicken about what my tenants put into Venmo? I know I am not explaining this well but it is frustrating. Thanks.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    It sounds like you need a suspense account.

    Basically another account where you can "deposit" the two Venmo transfers each for $1800. Then transfer the full $3600 rent from the suspense account to your checking account. 
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @bproll

    Do you have Venmo setup as a "bank" account in Quicken?  Or are you just recording the "transfers" from the Venmo account to your bank account in Quicken?

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited April 1
    I think the "suspense account" process is what you need here in order to pull these multiple payments together into "one payment" for Quicken.
    It would be helpful to know if you have a Venmo Account in Quicken but assuming for the moment that you haven't, then set up a new, manual, (i.e., not connected to to any financial institution) "checking" Account in Quicken, maybe called "Venmo Clearing" or something similar.  When you become aware of the $3,600 deposit into Venmo you enter that $3,600 into this Venmo Clearing Account and you point your Rental Property Module to that checking Account to register the rent payment.  Then when you initiate your two $1,800 transfer from Venmo to your real checking Account, you mimic that by making two $1,800 transfers from your Venmo Clearing Account into your real checking Account.
    The result: you have one $3,600 "deposit" into a "checking" Account that properly corresponds to the rent due, you have two $1,800 transfers into your real checking Account the corresponds to exactly what happens with that checking Account, and the Venmo Clearing Account shows a balance of $0, which is exactly correct.
This discussion has been closed.