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How do you use Venmo with your checking account in Quicken?

Rover2024

I'm using Quicken Classic Business & Personal, Version R67.10 with Windows 11 Pro.

Categorizing our income and expenses is important to me. When I receive funds via Venmo, I then transfer the money to my checking account that is linked with it. When I do this, Quicken automatically categorizes this as a payment from my Venmo account to my checking account. This accurately shows where the deposit to my checking account originated from, but it creates a question.

Let's say the payment my Venmo account received was for concert tickets I sold. How do I categorize on my checking account register, the income from the tickets sold when the field is already populated with my Venmo account transfer?

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Accepted answers

Snorkle

If I understand you then I would say that you are handling it correctly. I handle cash transfers with Venmo and PayPal exactly the same way. The transaction with category, memo etc is in the Venmo or PayPal account and any transfers to my checking account are simply transfers. Since I choose to pay for most of my PayPal purchases with a credit card then the payment transaction in the Quicken credit card account is simply a transfer to the Quicken PayPal account. As long as the Venmo and PayPal accounts are included in any reports then the transactions appears as correctly assigned to a category, etc.

NotACPA

Again, why does the info need to be in your checking account when it's already in the Venmo account? As @Snorkle suggested, just include both accounts in your various reports.

OR, as I do with Paypal, just download those transactions directly to checking. QED.

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NotACPA

IF you've created a Venmo account in Q, which I think you're saying, why does "Concert tkts" need to have a category in checking … and not simply in the Venmo account?

I use PayPal, rather than Venmo, and my PayPal transactions come directly into my checking account even though the originate with PayPal.

SO, is the Venmo account, in Q, really needed?

Rover2024

Thanks for your response, NotACPA. I should've been more clear. "Concert Tickets" would be in my memo. My Category that I use if I buy concert tickets is "Entertainment." I record play tickets, ballgame tickets, concert tickets, movies, etc. in the "Entertainment" Category.

My question is geared torward how I should handle in Quicken, the PayPal, Venmo and Zelle transactions that I make. If I use Venmo to pay for concert tickets, it shows in the Category field of my Venmo register in Quicken as "Entertainment." When I look at my personal checking account register that is linked with Venmo, the Category field in my Quicken register is populated with the name & checking account in brackets. I'm not sure how to set this up properly with Quicken.

Snorkle

NotACPA

Again, why does the info need to be in your checking account when it's already in the Venmo account? As @Snorkle suggested, just include both accounts in your various reports.

OR, as I do with Paypal, just download those transactions directly to checking. QED.

Rover2024

Thank you Snorkle.😀 Ahhh — so you categorize the transaction and add memos if desired, in the Venmo register. The key here is that you do NOT categorize it other than a transfer in the checking account register. This makes it simple!

Rover2024

Thanks NotACPA!