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How to Reclassify Transactions in QuickBooks Desktop & Online?

QuickBooks users need to prepare and maintain their client’s data for the purpose of taxes. Any inconsistencies with in side […]


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QuickBooks users need to prepare and maintain their client’s data for the purpose of taxes.

Any inconsistencies with in side the information of a transaction may be further re-classified. In QuickBooks, the subsequent may be accomplished via means of the Reclassify Transactions Tool.

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The aim of the Reclassifying Transactions Tool is to correct any transactions that are incorrectly paired up with classes or accounts in a client’s book. The tool reclassifies income, Cost goods, expenses and balance sheet accounts.

How to Reclassify Accounts in QuickBooks Desktop?

In order to reclassify the proceedings in QuickBooks Desktop, you can go by selecting the fiscal year to review the transactions and reclassify the same.

Step 1: Selecting the Fiscal Year the Users Need to Review

The following steps are mentioned to enlighten you on how to reclassify numerous transactions or if you have failed to update the fiscal year date range:

  • For the first step, proceed to the “Accountant” menu.
  • Now, you have to pick out the “Client Date Review” alternative from the screen.
  • A window will appear, navigate the section of “Review Date range”.
  • After scrolling the range, now pick the date range of the transactions to be reviewed.
  • A message with “Review Basis” will appear on the window.
  • Now, continue and select “Cash” or “Accrual” from the same.
  • After the subsequent step, choose the “Modify Review” option.
  • In the segment of “Account Balances“, search the Reclassify Transaction Tab.
  • Hit on “Status” and drop-down option to set the status as “In Progress“.
  • Press the “Close” button, once done with the following steps.

Step 2: To Review the Client’s Transactions

Here’s how to do it:

  • From the “Accountant” menu, pick out the “Client Data Review” alternative.
  • Now, select the “Reclassify Transaction“.
  • After selecting the tab, from the “Accounts tab” click on the “View” drop-down menu.
  • Proceed further by selecting your account type from the appeared window.
  • On the right side, you will be able to see the transaction after you select the account to view its transactions.
  • Now, you can choose the “Name” from the drop-down menu from the “Transactions” tab.
  • Once done, pick out the transaction you wish to review.
  • Now, you will be able to view the Transaction list.

Step 3: To Accordingly Reclassify the Transactions

Redirect the transactions to the right records in order to edit or re-enter.

  • You can start by selecting a single transaction or choose the “Select all” option.
  • For reclassifying the transaction via ways of means of account, tab on the “Account to” checkbox.
  • Click on the record where you want to switch the transaction.
  • Select the drop-down menu present next to the Account to option.
  • If you wish to reclassify by class then choose the “Click to” checkbox.
  • After this, for a new class the click on the drop-down menu next to Click to option.
  • To complete, hit the “Reclassify” button.

How to Batch Reclassifying Transactions in QuickBooks Online?

In order to Reclassify transactions, you need to be vigilant enough to know what you want to reclassify in particular. After alteration of the transactions through a profit and loss report, you can use the tool to move the same into another account.

Reclassification of Transactions by Running Profit & Loss Report:

  • The first step is to open your client’s “QuickBooks Online” company.
  • Now, proceed to the “Accountant tool” icon.
  • After selecting the icon, you need to press the “Reclassify Transaction” option.
  • A window with Account types drop-down menu will appear.
  • To view expenses and income, select “Profit and Loss” from the menu.
  • You can carry out this step by selecting the “Balance sheet” option as well.
  • Now, click and choose the account with the transaction you wish to modify.
  • Use of the following filters can also be accessed:
    • Class: Click on “class tracking” if it does not appear.
    • Type: Filter by transaction type.
    • Modify: Filter by transactions you will be able to modify.
    • Vendor/Customer: Filter for a specific vendor or customer.
  • For viewing the paid transactions, proceed by pressing the “Cash” option.
  • For viewing both paid and unpaid transactions, proceed by hitting on the “Accrual” option.
  • After the subsequent step, hit on the “Find Transactions“.
  • You now need to select each box for the transaction you wish to change.
  • Once done, click on “Reclassify“.
  • Now to move the transactions, pick out the account from the drop-down menu or create a new one.
  • As for the very last step, hit the “Apply” button.

Reclassification of Transactions via Way of Means of Location

  • Start by logging in to your client’s “QuickBooks Online” company.
  • Then go to the “Settings” option.
  • Now, pick out the “Account and Settings” alternative.
  • After a window will appear, from there proceed and press on the “Advanced” tab.
  • From the “Advanced” tab window hit on the “Categories” option.
  • After this, press “Edit“.
  • Now after the subsequent step, move to the option naming “Track-locations“.
  • You need to navigate to the “Location label” drop-down menu and select “Location“.
  • Now, hit the “Save” option.

Number of Transactions You Can and Cannot Move

To relocate the transactions the tool i.e, Reclassify Transactions is used. However, a few sorts of transactions cannot be relocated due to the linking process with certain accounts.

Here is a list describing different types of transactions you can and can’t move:

  • There will appear a limitation to changing the class or account of inventory because they are already linked to the asset inventory accounts.
  • You will be blocked from being able to carry out any changes with the payment account, such as credit cards or the bank account.
  • Users can, however, make changes with cash memos, classes for invoices, bills and cheques.
  • The accounts are prohibited from any change.
  • You can access the payroll transactions in QuickBooks Payroll without facing any complex glitches.
  • There is room for change in the expense accounts for the respective, billable transactions.
  • A restriction is there to not change the income-related transactions.

For reclassifying any account or concerned transaction, you can without a doubt proceed with the help of Reclassify Transactions Tool.

The following mentioned steps are provided for better grasping and to rectify and resolve any complications while using the tool.

If you are still facing any issues or have doubts concerning the transactions tool, you can get in touch with the Dancing Numbers experts via LIVE CHAT. The team members are skilled and are available at the earliest.

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Frequently Asked Questions (Faqs)

Will the Reclassification Process Work with the Accounts Payable?

Unfortunately, the answer is No, the reclassification process does not support any change for the accounts payable or accounts receivable i.e, invoices and bills. The users will also be unable to change the type or record of transactions that are interrelated.

Can the Reclassify Transaction Tool Work for the Firm’s Transaction?

Yes, you can use the tool for each firm’s transactions in the QuickBooks Online Accountant Version.

Here’s how to do the same:

Remain on the firm’s page.
Next, go and choose the “Accountant Tools” option from the page.
Once done, hit on the “Reclassify Transactions” to end.

Is there a need to Follow up on the can and Cannot for the Movement of Transactions?

You are advised to browse all the respective information of can and cannot before carrying out the movement of any transactions. It will help the user to get clarity and skip common mistakes.

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

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XLS, XLXS, etc., are supported file formats by Dancing Numbers.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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