Reclassify Transactions in Quickbooks- Accountant's tool

 

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Quickbooks application is becoming popular among the accounts industry and is employed by mostly every small-sized company. Quickbooks comes up with a lot of tools which is beneficial in accounting activities. One such tool is the reclassify tool in Quickbooks. It is one of the beneficial tools provided by the Quickbooks software. You can use the Quickbooks reclassify tool to classify the transactions that will help you to keep track of the transactions for the tax purposes. You are needed to employ the tool and it will find the transactions that you have linked to the wrong account or under the wrong class. In this article, we are going to talk about how you can reclassify transactions in Quickbooks. We have mentioned different steps that can help you to reclassify transactions in the Quickbooks desktop. 

List of Transactions which are not movable

If you want to reclassify the transactions and move them to another location, you are needed to keep in mind the following transactions won’t be able to move after reclassifying.

  • You are needed to remember that you won’t be able to change the account for the invoices, memos.
  • Other than this, you can not change the account for the expense.
  • After this, you can not change class and the account for inventory.
  • You can also change the account for billable expense but you won’t b able to change the income account which is related to the income transaction.
  • In case you wish to change your payroll transactions, you will be needed to go to the payroll menu.


The process to Reclassify Transactions in Quickbooks Desktop

Here is a stepwise that you need to follow to reclassify the transactions. The process consists of three steps and we have mentioned all the steps in detail. 

Choose fiscal year

The first step in the process is to select the year for which you want to reclassify the transactions. Follow the steps mentioned below.

  • The first step is to go to the accountant option and then click on the client data option.
  • Now, you will have to select the range of date for which you want the review. You will have to select the date under the date range option.

reclassify transactions in Quickbooks

  • Once done, you will be required to click on the accrual or the cash option.
  • After this, you will be needed to select the modify option.
  • Now, you will be needed to click on the reclassify transaction account option and then from the status dropdown menu, you will be needed to click on the in-progress option.
  • Last, you are needed to close the file.

Review transactions

The next step in the process is to review the transactions. Follow the steps mentioned below.

Reclassify transactions in Quickbooks desktop

  • You are again needed to go to the accountant option and then click on the client data option.
  • After that, you will be needed to click on the reclassify transaction option.
  • Now, you will see the accounts option and then in the dropdown menu, you will be needed to select the view option.
  • After this, you will be needed to select the type of account and after that chose the account for which you want to see the transactions.
  • After that, you will be needed to go to that transaction and then you will be needed to click on the name option.
  • After this, you will have to click on the show transaction option and then check the list of transactions.

Reclassify the transactions

The last step in the list is to reclassify the transactions. Follow the steps mentioned below.

  • First, you are needed to choose the transaction option and then click on the select all option.
  • After this, you will have to mark the account to option.
  • After this, you will have to click on the account to option and then from the dropdown menu, you will be needed to click on the name of the account to which you want to move the transaction.

how to reclassify transactions in Quickbooks desktop

  • You can also classify the transactions according to the class. For this, you will be needed to click on the class to option.
  • After this, you will have to select the class from the dropdown menu and then click on the reclassify option.

Reclassifying transactions in Quickbooks can help you to manage the transactions in a better way. We hope that the steps we have mentioned will help you to reclassify the transactions in Quickbooks. As it is mentioned, it is a simple process to reclassify the transactions in Quickbooks consisting of few steps. We have tried to explain to you with detailed procedure of reclassifying transactions in Quickbooks. You can also call us on our toll-free number provided to seek guidance. We have experts on our team who will help you to resolve the issues that you are facing or any concern that you have.

Disclaimer

 

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