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PCS11
February 9, 2018

Venmo

  • February 9, 2018
  • 3 replies
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If money is earned thru Venmo. Do you have to report it? Also, i keep hearing that there is a $20,000 and or a 200 transaction limit that needs to be reached before anything needs to be submitted. So I would like to know if anyone can clear that up..  

    3 replies

    A
    Anonymous
    February 9, 2018

    Hey @PCS11,

     

    Are you using Venmo purely for personal transfers? Or business as well?

    P
    PCS11Author
    February 9, 2018

    I have not used Venmo yet but was considering using it for business and personal. Have you used Venmo?

    Rustler
    Rustler
    February 9, 2018

    I have not used venmo

    From their site, it appears venmo is nothing but a payment processor, it works basically as a debit card - hitting your registered account regardless of where you make the transaction.

    I expect the 20K/200 transaction you keep hearing about refers to the requirement for any transaction processor to issue a 1099-K at year end.  That 1099-K has nothing to do with your accounting.

    Venmo is acting as your agent, so when venmo gets paid, that is the date of your payment (receive or sent), personal or business

      Eugene Shestakov
      Eugene Shestakov
      April 25, 2018

      I've dealt with Venmo in the past it's a convenient way to send and receive money. However, its a pain to enter and reconcile those transactions in QB being that its not a bank and it doesn't associate any transactions to vendors. Basically on the transaction level all you see from their inconvenient statements is a name of the person you are sending or receiving money to/from. I believe Venmo has an ability to make notes as you send money but when receiving an amount all you get is a persons name (unless they note that this is for services received). So your accountant/bookkeeper would literally have to refer to a list of names provided by you to differentiate between personal and business transactions. In my case the client didn't make any notes so we had no clue as to which transactions were personal and which were business and there were pages upon pages of transactions each month.

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