Categorize Venmo transactions for reporting and budgeting

System

This discussion was created from comments split from:

Venmo and Quicken Checking Account as single transaction

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dbouws

There is not a good system here: I want to categorize venmo transactions for reporting and budgeting. If I create a separate venmo account, then the all, I'm really doing is recording transfers to and from checking and venmo. then I still need to create a new transaction that I can categorize. if I do everything in checking (and don't add venmo), then I have to remember to transfer credits in venmo to my checking. Otherwise, if I make a subsequent payment from venmo, it will take it from my venmo balance and tracking that kind of expense is confusing. Am I missing something?

Quicken Kristina

Hello @dbouws,

If you created a separate Venmo account, wouldn't it show the funds both coming and going? For instance, if you're receiving a payment from someone, wouldn't you have the money first coming into Venmo from whoever is paying you, then a new transaction to show that money being transferred from the Venmo account to your Checking account? If you were paying someone, I'd assume it would be similar. You'd have the transfer showing the money going from your Checking account to Venmo, then you'd have the transaction showing the money leaving Venmo for whoever you sent the money to?

I look forward to your response!

jacobs

@dbouws I didn't see what other thread this was separated off from, but I'm not sure I understand what you're saying isn't a good system. I do think having a separate Venmo account makes sense if you use it with any frequency. This will let you mirror what is happening in the real world.

• When you pay for something with Venmo, you record that purchase transaction in your Venmo account. If your Venmo account balance goes negative, you record a transfer from your checking account into Venmo to cover the shortage.
• When someone pays you via Venmo, the deposit goes into your Venmo account. It can either live there, or if you transfer the amount to your checking account, you have a transaction in Quicken for that transfer.

Yes, there are extra transactions in Quicken dealing with transfers between checking and Venmo, because those transfer transactions are happening in the real world. If you download transacitons for your checking account, these transactions will download, and you'll just need to add the transfer account.

You said: "If I create a separate venmo account, then all I'm really doing is recording transfers to and from checking and venmo." Well, after every Venmo purchase or payment, do you immediately zero the account with a transfer to/from checking? If that's the case, then maybe you don't need a Venmo account. You could record the transactions in your checking account, and use the Momo/Notes or Action field (or even Tag) to note the purchase or deposit was via Venmo. (Your dates might be off by a few days with the transfers happening in the real world, but you can change the dates when needed to make your checking account reconciliations work correctly.)