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May 13, 2024
Question

I’m trying to switch income from Venmo from always being marked as an expense to being marked as income

  • May 13, 2024
  • 1 reply
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1 reply

May 13, 2024

I have some information to share about switching Venmo expenses to income, reecebez09. Let's tackle them one by one.

 

If you set up Venmo in the Chart of Accounts, your changes may apply to all. This is because it's a service that transmits your money from one of your accounts to the vendor. In this case, add it as a payment method.

 

However, if you connected both accounts to your QBO company, check the Venmo history first to see if the transactions are correct. I’ll show you how: 

 

  1. Go to the Banking menu, then select the Banking tab.
  2. On the For Review column, choose the correct transaction. 
  3. Select a customer or vendor name from the Select Payee drop-down.
  4. Check that the selection in the Category field is accurate, or choose a more specific Category.

 

If you accept Venmo or PayPal payments from your customers, you'll want to connect both accounts to your QBO company. This way, their invoice payments go directly to the account you have inside QuickBooks. Please also know that QuickBooks is dependent on the information that was transferred. Therefore, contact Venmo's customer service.

 

To learn more about how online payment processing helps you track and receive your funds, please see these articles: 

 

 

For future reference, here are some articles that you can read to help speed up the review process of your online bank transactions:

 

 

I'm only a few clicks away if you need assistance with the expense and income account in QuickBooks Online. As always, feel free to reach out to the Community. I'll be here to answer them for you.