Banking
I've come to help you manage your Venmo processing fees when recording your transactions in QuickBooks Online (QBO)., @sigal4lasi.
QuickBooks is dependent on the information that was transferred from your bank. To appropriately deduct the fee to the downloaded gross amount, you can utilize the Resolve difference feature. You'll have to incorporate the process while matching transactions so you can get the total net amount. To do this, here's how:
- On the Banking page, choose the Venmo Bank's emblem, and select the For Review tab.
- Select the transaction to open its details.
- Choose either the Find other matches or the Find match button to open the Match transactions window. By default, the page lists All transactions within the date range, but you can narrow the results.
- Use options on the Show drop-down menu to specify the type of transaction you're looking for. Then, select the From and To date fields if necessary.
- Locate the gross amount and select Resolve Difference to open the Add resolving transactions fields.
- Choose the Category and enter the Amount of the Venmo processing fee.
- Select Save.
I've attached screenshots below for your reference.
To learn more about reviewing and/or matching your bank transactions in QBO, you can check out this article: Categorize online bank transactions in QuickBooks Online.
Also, I encourage you to reconcile your Venmo account every month. This way, you can effectively monitor your transactions and detect any possible errors accordingly. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Online.
You're always welcome to comment below if you have any other questions or banking concerns. I'll make sure to get back to you as soon as I can. Take care always.
