Hi all,
I'm facing multiple issues while trying to sync Venmo business with my accoun:
ISSUE 1:
Once you enable "2 phase authentication" (extra code via SMS) in Venmo acconut settings, the QBO Bank Account connectivity setup needs to be EDITED EVERY SINGLE TIME, in order to request a new code. Suggested solution:
QBO should be IMPROVED to:
Solution Option 1: work out with Venmo a way to bypass the 2 phase authentication when downloading transactions requests come from QBO endpoints).
Solution Option 2: pop up a window during the refresh process, requesting a user to enter the 2 phase auth code every time it tries to update the transactions in this scenario
Issue 2:
When downloading transaction from Venmo for which Venmo applied a Business processing fee, that FEES (charged for each payment processed by Venmo) are not loaded in QBO (the full amount of the payment received in Venmo is loaded and no fee deducting the amount that vanmo charged to process that transaction appears in QBO).
This adaptor should not ignore the fees portion of the feed, but rather, offer an option to log that fee amount as either COGS or an additional charge to be included in the invoice. In my business model this is a charge that I swallow as a business owner, and do not pass along to my customer.
It could appear as a FULL PAYMENT transaction (as it shows today after the import) but somehow associated with a FEE, which I could classify as COGS. There may be other more elegant ways, but the fact is that the fee imposed on Venmo Business transactions must be recorded as a payment processing fee (and in my case increase COGS).
I expect: Sales Receipt = 50.00 USD, Venmo payment collected for that invoice = 50.00 before charges, and a charge of 1.05 USD (equating to their base charge of 1.9%+0.10 USD per transaction, calculated by Venmo when collecting payment, which I'm going to log as Business expense).
Later on, when the ACCUMULATED Venmo balance is transferred over to my account, the AMOUNT reduced by the FEES applied by Venmo when the payment was collected is transferred. That amount typically will NOT match with anything as it will be a BALANCE transfer between accounts.
The trick used to have the invoice paid from the Venmo payment, as undeposited payments should be automated as it is way too complex to process manualy for each single payment produced by Venmo.
