In this article, learn using the reclassify transactions tool in QuickBooks Desktop, QuickBooks Enterprise, or Accountant Enterprise.
Using the Reclassify Transactions tool makes it easy to tracks of your books ready for tax purposes. You can use this tool to locate and make changes in the transactions assigned to incorrect accounts or classes under your client’s book. Transactions can also be reclassified separately at a single time. For this, you just need to dial follow the steps mentioned below:
Step 1: Select the fiscal year you want to review
If the fiscal year or date range of transactions is not yet selected, select fiscal year with following steps:
- Go to the Accountant menu and choose Client Data Review.
- Click on Client Data Review.
- Under the Review Date Range column, choose a date range of transactions that will be reviewed
- Now, choose Accrual or Cash from the Review Basis section.
- Click on Modify Review.
- Locate Reclassify Transactions from the Account Balances section. Click on Status ▼ drop-down and select In Progress.
- Click on Close.
Step 2: Review the transactions
Start to review your client’s transactions through following steps:
- Go to Accountant menu and select Client Data Review.
- Choose Reclassify Transactions.
- Under the Accounts column, click on View ▼ drop-down.
- Choose an account type and then choose an account to check whether the transaction is in right pane or not.
- Go to the Transaction section and from the Name ▼ drop-down, choose a name.
- Select the transaction that you want to review from Show transactions ▼ drop-down.
- Review the list of transactions.
Note: The transactions can’t be reclassified that uses AR or AP, such as invoices and bills. You can’t reclassify by account and class at the same time as well.
Step 3: Reclassify transactions
If you want to make modifications transactions, they can be moved from the correct account or class. It can also be reclassified by account and class at same time.
- Choose a transaction and click on Select All.
- Put a checkmark on Account to checkbox to reclassify by account.
- Click on the Account to ▼ drop-down and locate the account where the transaction will be moved.
- To reclassify transaction by class, put a checkmark on Class to
- Click on Class to ▼ drop-down option and then choose a new class for the transaction.
- Click on Reclassify.
Reach Us For QuickBooks Assistance
Hopefully, reading this article helped you in reclassifying your client’s transactions in QuickBooks Desktop. However, sometimes you may find several issues while reclassifying when there are some damaged transactions in the list. In such situations, you need to resolve damaged transactions issues first and then reclassify your client’s transactions. If the issue still persists, connect with our ProAdvisors by dialing our QuickBooks Support Phone Number +1800-567-0425 and get your issues resolved.