“Hello from the other side. I must’ve called a thousand times.” -Adele
I’m sure you’ve heard it repeated…year end work happens all year. Let’s say you’ve been using Venmo to collect income and pay some expenses and haven’t categorized them in your bookkeeping software. Now is the time to deal with those transactions!
When it’s time to enter income and expenses into your bookkeeping software, Venmo does not import details from the transition into the software. This makes it a big headache for both the business owner and the bookkeeper! You’ll need to go into your Venmo account and look at the detail for every single transaction.
Each Venmo transaction needs to have the correct vendor/client name assigned to it as well as the corresponding expense/income account. You should not leave “Venmo” as the vendor or customer name in your books! You could miss vendor payments that need to go on 1099 forms at year end.
If you still have outstanding Venmo transactions at year end….”at least I can say that I tried.”