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DebbieG2
February 29, 2024
Question

Venmo pymnts recording

  • February 29, 2024
  • 1 reply
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need help with bank deposit already recorded in QuickBooks and shows invoices as deposited but is in the "for review", the action is to "add". This was a Venmo payment and there are fees from Venmo associated with it. I don't know how to record this. So, to recap, the money is in our bank acct, it is recorded in qb's as a deposited invoice and is still in the "review" for a lesser amt (due to venmo charges).

1 reply

A
AbegailS_
March 1, 2024

I know learning all of the ins and outs can be tricky. Let me help you with recording Venmo payments, Debbie.

 

To accurately record the deposit and account for the Venmo fees, please follow these steps:

 

  1. Edit the deposit transaction: Open the deposit transaction that is still in the "For Review" section. You should see the deposited invoice(s) listed.

  2. Adjust the deposit amount: Since the Venmo fees have reduced the net deposit amount, modify the deposit amount to reflect the reduced amount. Edit the deposit by entering the revised deposit amount, which should be lower due to the fees.

  3. Create an expense for the Venmo fees: To account for the fees associated with the Venmo payment, create a new expense transaction. Click on the "+" button or "Add New" within the deposit transaction. Choose "Expense" from the options and enter the necessary details, such as the vendor (Venmo) and the amount of the fees. Make sure to enter the fee amount as a negative value to accurately represent the outgoing payment for the fees.

  4. Link the expense to the bank deposit: In the expense transaction, link it to the bank deposit transaction so that the fees are deducted from the deposit amount.

  5. Save the changes: Once you have adjusted the deposit amount and added the expense for the Venmo fees, click "Save" to save the changes to the deposit transaction.

 

By following these steps, you will be able to accurately record the bank deposit, adjust the deposit amount for the Venmo fees, and create an expense for the associated fees.

 

By following these steps, you will have properly recorded the Venmo payment in QuickBooks, accounting for the associated fees.

 

Furthermore, you can use these articles as a point of reference for reconciling in the future:
 

 

Feel free to return to this thread if you have any further questions about managing  payments or concerns relating to QBO. Stay safe.

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