If you’re not using Reclassify Transactions, you’re missing out – and probably spending too much time fixing client mistakes. Find out why this newly redesigned Accountant Toolbox feature is a fan favorite and learn how to save hours per project (and your sanity).
How do I use it? The ProAdvisor’s Guide
What can’t it do? QuickBooks® allows you to batch reclassify transactions from one account or class to another. This comes in especially handy when many transactions were posted to the wrong account, or when you need to clean up large, uncategorized expense accounts.
Plus, thanks to feedback from ProAdvisors®, we’ve recently revamped Reclassify Transactions to help you be even more efficient. Collapsible columns, more specific filters, the ability to select multiple transactions, and a refreshing new design (yes, with lines that line up) make cleanup work easier than ever.
In QuickBooks Online Accountant, click on the briefcase icon to open the Accountant Toolbox, which displays once you’re in your client’s books.
Written by Kelly Gonsalves, Totally Booked
Cleaning up a client’s QuickBooks company is quite the controversial topic. Some ProAdvisors love it and some really can’t stand it. I happen to be a big fan. I find that cleaning up a new client’s books is when we get the most personal. Most times, this when I get to see how their mind works and what their business needs most. Where do they buy their supplies? Do they prefer Starbucks or Dunkin?
Whatever the case may be, I don’t think I’d make it through any cleanup job without the Reclassify Transactions Tool in the QuickBooks Online Accountant Toolbox.
While in a client file, go to the Accountant Toolbox drop-down menu and select Reclassify Transactions.
If you haven’t visited this screen in a while, you’ll notice that it has a new look! When you open the Reclassify Transactions tool, you will set your parameters. Enter your dates, and then choose the account that you’d like to dive into. You can specify your transaction type, and even search for only a specific class.
In this example, I can clearly see that something is wrong because Legal & Professional Services has a balance of negative $29,645.00. By clicking on that account on the left sidebar and setting the dates at the top, I can pull up a list of the transactions needing to be reclassified. During this step, I can also choose to assign or reclassify a Class as well.
Choose which transactions you’d like to change by checking the box next to them on the left-hand side. It’s important to note that you can choose between your Balance Sheet accounts and your Profit and Loss accounts.
Now click the green Reclassify button to choose your new Account and/or Class.
Once you click Apply the transactions you’ve chosen will have a new account and/or class!
You’re now fully equipped to handle pain-free cleanup work!
Get the latest product updates and certification news to help you grow your practice.
Thanks for subscribing.
Relevant resources to help start, run, and grow your business.
Call Sales: 1-844-435-1308
