I love my Venmo account for paying for local services and splitting bills with friends and luckily I have also found that it integrates really well with my Tiller tracking.
I added my Venmo account just like any other bank account, though I have found that it does require me to occasionally re-auth my credentials in my Tiller Console to update my sheet. I like to use the “Balances” tab in my Tiller Sheet to see when my accounts were last updated, then visit my Tiller Console to refresh the account when needed.
I simply categorize my Venmo transactions based on the spending category they relate to, whether they are payments made or received.
For example if my friend Venmos (that’s a word now, right?) me $20 to cover her share of the babysitter we split I categorize the transactions as “childcare” and it reduces my overall childcare expenses for that period, in a sense reducing the $60 cash I took out of my checking account and also categorized as “childcare”.
A payment made to a friend for my new bike would be categorized as “Gear”, similar to any other purchase.
If someone pays you for a service you perform as a job, you can categorize the credit as “income”.
Any debits or credits that hit your other bank accounts (checking or credit card) from Venmo are then categorized as “Transfers” much as you would a payment to your credit card.
The only place where I have gotten a little stuck is when someone pays me for somethings that isn’t a reimbursement, for example if I were to sell a pair of old skis. I didn’t just buy the skis so they aren’t a current “Gear” expense, and it’s also not income because I didn’t really earn the money and I don’t want it to effect my budget … any suggestions here?
I did explore the CSV export options from Venmo, but the data is fairly limited in comparison with what you can get from Paypal, so it didn’t help enough in my tracking to make the effort worthwhile. It could be useful however if you used Venmo for business and wanted to track the fees separately.
I would love to hear how others track their Venmo spending and deal with receiving payment for used goods as well!