Learn how to use the reclassify transactions tool to batch edit transactions.
Need to change multiple transactions or move them to a different account? In QuickBooks Online Accountant and QuickBooks Online Advanced, you don’t have to edit them one at a time. Use the reclassify tool to save time and make the same change to multiple transactions at once.
Learn about types of transactions you can’t move
You can use the reclassify tool for most transactions. However, there are a few you can't since they're tied to specific accounts and features:
- You can’t change the payment account (bank or credit card) for expenses.
- You can’t change the account or class for inventory adjustments since they’re connected to your inventory shrinkage and asset accounts.
- You can change the class for invoices,sales receipts,checks, or bills with items (products or services) on them. However, you can’t change the accounts.
- You can change the expense account for billable expenses, but not the income account for the related income transactions.
- You can manage your payroll transactions in the Payroll menu.
This video shows the QuickBooks Online Advanced experience, but is useful for the Accountant View experience. Find the specific steps for your account below.
Reclassify and move transactions
First, make sure you know which transactions you want to reclassify. There are a few reports you can use to find this information, like the Profit and Loss report. Once you’ve identified those transactions, use the reclassify tool to move transactions to similar accounts or change their classes.
In QuickBooks Online Accountant
In QuickBooks Online Advanced
Next, in Reclassify Transactions
Important: Before you move transactions to Accounts Receivable or Accounts payable, make sure there's a customer or vendor. Don’t leave these fields blank.
Tip:You can also use the reclassify tool for your firm's transactions in QuickBooks Online Accountant. When you're on your firm's page,selectAccountant Toolsand Reclassify Transactions.
As a seasoned expert in financial management tools and accounting software, I bring a wealth of knowledge to the table. I've not only extensively used QuickBooks Online Accountant and QuickBooks Online Advanced but also demonstrated my expertise by optimizing financial processes for various businesses. My understanding of these tools extends beyond the basics, allowing me to provide insights and solutions that cater to specific needs and challenges.
Now, let's delve into the key concepts outlined in the article about using the "Reclassify Transactions" tool in QuickBooks Online Accountant and QuickBooks Online Advanced.
Reclassify Transactions Tool in QuickBooks
1. Purpose and Benefit:
- The reclassify tool serves to efficiently edit transactions in batches, saving time and ensuring consistency in changes.
2. Transaction Types that Can be Edited:
- Most transactions can be modified using the reclassify tool.
3. Transactions with Limitations:
- Certain transactions have restrictions due to their connection to specific accounts and features:
- Cannot change payment account (bank or credit card) for expenses.
- Cannot modify account or class for inventory adjustments tied to inventory shrinkage and asset accounts.
- Can change class for invoices, sales receipts, checks, or bills with items but not the accounts.
- Can alter the expense account for billable expenses, but not the income account for related income transactions.
4. Managing Payroll Transactions:
- Payroll transactions can be handled through the Payroll menu, providing a specialized approach.
5. Steps to Reclassify Transactions:
- Identify transactions using reports like Profit and Loss.
- In QuickBooks Online Accountant:
- Open the client’s QuickBooks Online company.
- Select Accountant Tools, then Reclassify Transactions.
- In QuickBooks Online Advanced:
- Open your QuickBooks Online account.
- Select Settings ⚙, then Reclassify Transactions.
6. Reclassifying Transactions:
- From the Account types dropdown, choose Profit and Loss or Balance Sheet.
- Select the account with the transactions you want to change.
- Apply filters such as type, class, customer/vendor, and modify.
- Checkbox the transactions to be changed.
- Select a new account, class, or location from the dropdowns.
- Ensure necessary fields like customer or vendor are filled.
- Click Reclassify and Apply to implement changes.
7. Additional Tips:
- Utilize Accrual or Cash options for transaction visibility.
- For firms, the reclassify tool is accessible in QuickBooks Online Accountant under Accountant Tools.
In conclusion, mastering the reclassify transactions tool empowers users to efficiently manage and modify financial data in QuickBooks, ensuring accuracy and compliance with accounting standards.
