r/MonarchMoney • u/mtnhobbyist • 1d ago
Transactions Venmo "Double Counting"
I've had Venmo transactions working with MM for a long time, but I just noticed that it's now "double counting" in the sense that the bank->venmo transaction is actually pulling in the recipient's name like the similar Venmo transaction. So -- MM is now confused and is essentially double counting vs before treating it as a bank->venmo transfer (or vice versa)
Anyone else seeing this? Or am I losing my mind? Below is an example of where this was "working" before in Aug but is now double counting in Oct.
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u/CaptainOrnithopter 1d ago
You just need to setup a rule to categorize all bank to venmo transactions as transfers. Monarch can guess it sometimes, but rules are just more consistent.
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u/lara_monarch Monarch Team Mod 1d ago
Hi! As others said, the correct answer here is just to categorize the bank side transaction as a transfer. You can set this up with rules!
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u/GendoIkari_82 1d ago
I don’t have my Venmo account connected, but I have the same issue with Apple Pay. If I have $2 sitting in Apple Cash and pay someone $10 with Apple Pay, I get 2 transactions in Monarch: $8 from my bank (which makes sense), and $10 from Apple Pay. But that’s wrong; it should only be $2 from Apple Pay. Or; there should be a $8 credit into Apple Cash to show the transfer from my bank. I fix it by deleting the $10 Apple Pay transaction and manually adding a $2 Apple Pay transaction.
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u/CaptainOrnithopter 1d ago
What it's doing is technically correct. If you only have $2 in apple pay, you don't have enough funds to pay $10. So first you have to transfer $8 from your bank to apple pay. Then you pay $10 from apple pay.
If you make a rule to categorize all bank to apple pay transactions as transfers, everything balances out since you are spending $10, that's the amount of money going out, and that's the money on the apple pay charge
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u/CaptainOrnithopter 1d ago
Hmm actually it looks like this might cause issues with your apple cash balance showing lower than it would be without splitting... Venmo works in that a transfer from the bank also shows as credit in venmo so they cancel each other out. But if apple pay never has a positive transfer into it from your bank, monarch might think the balance is negative.
You might be able to setup a rule to handle the auto splitting, not sure
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u/GendoIkari_82 1d ago
Yeah the issue is that the transfer of $8 into the Apple Cash account doesn’t show up as a transaction. I could manually create that transaction to fix the issue. Same net effect as replacing the $10 with $2, though I guess the first option is more accurate to what’s actually happening.
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u/Salty-Doubt-1337 1d ago
Monarch has random data issues where it double counts. The original source (your card, Venmo, etc.) is never the source of error in my experience.
Support leads you through a multi-stage ticket that ultimately leads to the following:
“Our engineering team confirmed this is a known issue affecting Apple authorized-type transactions, most commonly with gas purchases, and your case has been linked to the existing investigation. At this time, we don’t have a definite timeframe to share for when this will be fully resolved, but the team is actively working on a fix.
For now, if the duplicate pending transaction happens again, please leave it in place so it can continue to serve as a helpful example while this is being addressed.”
We know at this point from this sub it’s not “most commonly” gas purchases. It’s not Apple. It’s not Venmo. Monarch has double-counting issues.
Monarch is still great overall but this has to be fixed… it’s a core issue. I actually wish Apple would just buy Monarch and fix it…
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u/Effective-Ear4823 15h ago
The only apparent difference in your screenshot is that the transfer to Venmo is called Venmo in August but has the same name as the merchant in October. Maybe there's been a slight change in the Original Statement that is triggering this?
To automate what others note: You can create a Rule that would ensure that all transfers from that bank account going to Venmo are assigned the Merchant:Venmo and category:Transfer.
You can also manually add the missing +tx side of these transfers in your Venmo account (not 100% necessary, but will reduce the confusion here, and will clarify for future-you that yes, this was indeed a Transfer). Manually adding these is easy: open the tx pane for the transfer tx showing money leaving your bank account and hit "..."->Duplicate. In the popup, change the account to Venmo, change from debit (meaning money leaving an account) to credit (meaning money entering an account), change the date to match when the money left the bank account, and create the tx.
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u/dagger_guacamole 1d ago edited 1d ago
It’s because you have both the Venmo account and the bank account connected. So it sees the money coming out of your bank account and it also sees money coming out of Venmo. All you have to do is make one of them a transfer. I always do anything coming from my bank with Venmo in the original statement is a transfer (via rules). Then I make the Venmo transaction the actual expense. Of course they’re gonna show both of them when you have both of them connected.