How to Categorize / Track Venmo Transactions and Transfers

BrianJT1978

Hello,

I use Venmo for a couple of different things, and I don't think this is being accurately accounted for in Quicken. I am new to Quicken Online, was an old school Quicken (3.5 Floppys) user back in the 90's and decided to return to keeping track of things.

I add funds to Venmo from 1 of 2 different Checking Accounts which are each at different banks (The Checking Accounts are added in Quicken). One Wells Fargo the Other a Credit Union. If I add funds from the Credit Union, then transfer to Wells Fargo I save myself a trip to an ATM/Bank etc. and having to withdraw at one bank and go deposit in another. I'm not sure how to best categorize these transactions in Quicken? I'm adding the Venmo account to Quicken as well since I think this is part of the missing piece of the puzzle.

I also use Venmo to pay for goods and services occassionally as well as sending money to friends and family for various things. They will also send money to me from time to time. So these types of transactions I would also like to keep track of.

Any help or suggestions would be greatly appreciated.

Thanks,

B

Tom Young

I don't use Venmo so I had to look up how it works.

I expect you might be using the free ACH transfers of money, which can take 1 to 3 days vs. the more "instant" transfers, for a fee.

If that's the case then swinging things through the Venmo Account in Quicken makes sense. The "sending" (from) bank might very well instantly remove the cash from your account, but the money might not be available in the "receiving" (to) bank for up to 3 days, so you'd want to keep track of where that money actually resides before it actually is available.

And certainly if you do on occasion "park" money in Venmo and effectively use Venmo as a sort of checking account, then adding the Account to Quicken is a necessity.