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Track Transactions by Payment Processing Platform

Cooper's Dad

With payment processors like Venmo, Stripe, Square, etc. that simply process payment transactions between two parties, but do not hold funds (and therefore can't be tracked as an account in Quicken), add a field to transactions that identifies the platform through which the transaction was processed. As a small business owner who uses these extensively, and now must reconcile 1099-K reporting from those entities to the IRS, it's important to have this tracking capability to make correcting adjustments to those 1099's so that only taxable income processed through the processors reaches my tax return.

This could be accomplished by adjusting the Check number field so that drop-down picklists can be user-created: Venmo, Stripe, Square, e.g. and those transactions then marked accordingly in lieu of assigning a check number (which does not apply to these).

Associated tax reporting also could be built to tabulate, for example, all Square transactions with category that has been assigned as a tax-item.

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Comments

Jon

You can just type "Skype" or "Venmo" into the check number field, you're not limited to what's in the pulldown. But I agree having a way to set up a list of predefined choices would be more convenient.

jacobs

There is also a little-used field called Action which you can make visible in your relevant registers, and enter the payment processor there. You can set up Actions so they are pre-defined and you use them consistently.

Cooper's Dad

Tank you, both Jon and jacobs. You've described the partial workaround that I'm using today.

But integrating this functionality into Quicken is necessary to be able to reconcile account activity to 1099-Ks issued by the payment processors that the IRS now requires. The tracking and reporting functionality is needed because those processors don't know the difference between a $10 payment to me that is taxable income and a $10 payment to me that is for my friend's half of a shared Lyft ride. (It's really no different from a brokerage statement that may or may not know the tax basis in a stock I sold…they report something to the IRS, but my word as the taxpayer can supersede their 1099-B: and Quicken provides the functionality to track this. Transactions through payment processors now are no different for tax reporting.)