Venmo
Uncat resolves accountant and bookkeeper’s issues with Venmo’s uncategorized deposits
Venmo and Uncategorized Deposits
Digital payment methods have dramatically surged in recent years, and Venmo is no exception, with over 83 million users since the company was founded in 2009 (Venmo). Venmo is a peer-to-peer payment platform that makes sending money to friends, acquaintances, or businesses as easy as the tap of a few buttons or keys. No credit card, wallet, or fees are required. You only need to add a debit card (credit available, too) to start making transactions.
With Venmo’s amusing ability to customize descriptions of transactions—including gifs and emojis—the possibilities for what transactions are for and why they were necessary are endless. Over one year, 68,000 Venmo transactions included an emoji (Quartz). One emoji might mean something to the client or the customer, but when you’re looking at the transactions, the emoji might mean something entirely different to you. In addition, you can send money for any product, service, or reason. All of this leads to uncategorized deposits from Venmo transactions for accountants and bookkeepers to agonize over.
How Does Uncat Fix Uncategorized Deposits from Venmo?
Uncat works to alleviate the issue of uncategorized deposits from Venmo. Uncat takes these uncategorized deposits from Venmo—missing key information or creating miscommunication—that come into the accounting software (i.e. QuickBooks Online, Xero, or QuickBooks Desktop) via bank feed and are reconciled into the general ledger and syncs them into Uncat. After syncing the uncategorized transactions, Uncat notifies your client and retrieves the necessary information back from your client. Once your client updates the transaction by submitting the required information (i.e. description, receipt, customer), you—as an accountant or bookkeeper—can easily review and categorize uncategorized deposits. After you’ve categorized the deposits, Uncat syncs those transactions back to the general ledger so you can complete the month-end close. Through this process, Uncat saves you time, productivity, and money—an average of 12 hours and $238 per month so you can prioritize tasks worthy of your energy and attention.
