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Should I include Venmo as an account in Quicken?

Nicole A

I'm new to using Quicken and have started adding all of my accounts. Since Venmo is tied to my Wells Fargo checking account, should I add it to Quicken as a separate account? I'd like to be able to categorize and tag the transactions in Venmo, but I don't want them to be double counted.

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Austin@

I added Venmo as an account in addition to my checking account that Venmo is linked to. When transactions download into my Venmo account in Quicken, that is where I categorize and tag them. Venmo transactions in my checking account are always just transfers to or from Venmo to Checking, so I record them that way in Quicken (when a Venmo transaction downloads into my checking account that is money going from checking to Venmo, I put Transfer:[Venmo] as the category, and when a transaction shows up in my Venmo account that is me moving money from Venmo to checking, I put Transfer:[Checking] as the category). That way the actual expenses are recorded in Venmo if that is what I used to pay someone or pay for something, and nothing is double counted because the transfer transactions are recorded as transfers between Venmo and Checking in Quicken. Hopefully that makes sense.

splasher

Seems to me that tracking Venmo in an account is just adding more work. Venmo is just another mechanism to move money like using a paper check or a debit card.

Just categorize the transaction in funds initiation account with the proper category and be done with it. If you want to know the amount of funds spent/moved by Venmo, you could create a Tag and apply it to all of the appropriate transactions.

Since I only use PayPal to pay for things for the added security of not giving out my credit card info, I don't download from PayPal, I just categorize the transaction that ends up in my credit card account register appropriately and I'm done with it.

Austin@

To each their own. I use Venmo heavily, and often have a running balance in my Venmo account that is being used to make payments from, so I like tracking Venmo transactions in their own account. If I only used it here and there I probably wouldn’t.

RalphC

I agree with Splasher in that a separate Venmo account might be trying too hard. Venmo is tied to my Wells Fargo checking. Transactions are entered into the checking register and categorized there. I denote a Venmo (or Paypal, or Zelle) transaction in the Check# field. I see no need to carry a balance in Venmo (or Paypal, or Zelle) and, thus, having to create a separate transfer account.