When working in QuickBooks Online, you might run into a situation where you need to make changes to a large quantity of transactions. For example, maybe you accidentally coded a month’s worth of transactions to Postage Expenses when they should have been coded to Printing Expenses. Mistakes happen! Fortunately, QuickBooks Online Advanced has a built-in tool to help you correct all of those transactions at once, instead of editing them one at a time.
To access this feature, you’ll need to have QuickBooks Online Advanced or QuickBooks Online Accountant. In QBO Advanced, open your Setting menu and choose “Reclassify Transactions.” Then follow the steps below.
Step 1
Select the transactions that need to be reclassified. You are able to choose specific accounts from either the Balance Sheet (Statement of Financial Position) or the Profit and Loss (Statement of Activity). You can filter by date, type of transaction, class, location, or customer/vendor. You can filter as much or as little as you need in order to find the transactions you’re looking for.
Step 2
Once all of the filters have been set, click on “Find Transactions” to pull up the list of transactions that meet the criteria you have selected. From the list of transactions, select the specific transactions that you want to reclassify – this could be all of the transactions or just some of them.
Step 3
Once you click the “Reclassify” button, you will be given the option to change the account, change the class, and/or change the location. You will select the appropriate changes based on what you need to reclassify. This may be any or all of the selections. Once you click “Apply”, the transactions will be reclassified.
It’s that easy! Keep in mind that there are a few types of transactions that will not work with the Reclassify Transactions tool. For example, you cannot use this tool to change the account on invoices, sales receipts, or checks. But for most other transactions, the Reclassify Transactions tool is a great time-saver to help keep your books in order.