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Accounting for Venmo Business
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How should I go about recording my transactions for Venmo Business (in which charges a fee), especially once transferring the income from Venmo to my banking account. My invoices on Wave is the amount prior to the fee charged by Venmo (ex: Invoice lists $500, payment received will be $490.40). When I mark this as paid on the invoice, it automatically creates a transaction saying it has been paid the amount, but that amount is different than what goes into my bank account. Any help here?
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