venmo download

Question

hi evrybody. I was able to download my Venmo transactions trough express web connect which seem to work. And  i create a category on payment transaction through venmo,  and if the payment has need made by venmo tought the bank (lets sait well fargo for example) i have the same transaction create on my bank. meaning i have 2 transactions, on my quicken- like i paid twice-  NO GOOD

and on top of that my balance in quicken show a negative balance-

and here come the 2nd part of my question, how do i reconcile my venmo account?

am not an accountant, but it seem to me weird and not efficient, + create major discrepancies in my casflow report, lile i paid the charge twice onve trough venmo, once though the bank linked to venmo- which make my venmo account balance look way lower that it is .

So what do people do, when they use venmo and quicken, and dont want to enter manually their transactions on venmo?

Many thanks.

Jim_Harman · Answer

I'm not sure how to interpret your attachment.

Is the Payee (Description) field in the Venmo account transactions downloaded, or is that something you typed in? If it was downloaded, you can set up a Memorized Payee for 14 Howard with the correct Category and Quicken will use that Category when you accept the transaction. If the info that comes from Venmo is more complex but includes "14 Howard" or something unique about that Payee, you could set up a Renaming Rule to look for that and use 14 Howard as the Payee so that Quicken will match that to the Memorized Payee.

Likewise if the info from the bank includes something about Venmo, you could make a Renaming Rule and Memorized Payee for that, and the Memorized Payee would record the transfer to the Venmo account.

Note that transfers use the account name in [square brackets] as the Category and do not have any Category assigned to them. For reporting, you can control which if any transfers are included in the report. In your case, you would include both the Venmo account and your checking account in the report and on the Advanced customization tab, set Transfers to Exclude Internal. Then the report will not include the transfers between your bank account and Venmo.

alainbcaren69 · Answer

Thanks Jim for your usefull response.  I agree that changing the category for the bank to TRANSFER instead of RENTAL will help. In this case for this year, i am realising that my quicken, after venmo input(..) was showing 2 more payments wrongly categorise ( thanks to venmo)

i really dont need that, as now i am aware of -so far- 26k wrongly categorise in my quicken . I do my taxes with that. I let you visualise the implications . No wonder why i dont seem to be able to reconciliate my venmo account in Quicken..

Am not sure why we dont have the option to not pick the caterory instead? would that be possible?

No, i am left why the burden to dig and see all the payments i did (24k now…) through venmo that was wrongly categorised and that is not an easy task, as i just noted, that depend on time and day,  the bank transaction can be done 1 day or 2 later. That won't help.

i would appreciate your input on that.

Many thanks

VENMO wrong CATEGORY 2023-08-20_08-55-01.jpg

Jim_Harman · Answer

You could record the payment in the Venmo account then record the bank transaction as a transfer from the bank to the Venmo account, as you would when paying a credit card bill.

Do the Venmo downloads include the payee name? If so, that should be more convenient than not bothering with the Venmo account in Quicken and just downloading the bank transactions adding the names and Categories there.