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

Question

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.

Tom Young · Answer

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.

Frankx · Answer

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

mshiggins · Answer

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.