How do you reclassify transactions on a QuickBooks desktop?

The client data review tool facilitates reclassification of transactions to transform the information relevant to the multiple transactions in your accounts register. The mechanism offers to search the transactions and turn around the record or classification related to the matched transactions. You can utilize the tool for income reclassification, costing of goods, expenses, and balance sheet accounts. 

The reclassification of the transactions makes your customer’s accounting books up-to-date for the taxation process. You can use the reclassify tool to find and analyze the specific transactions assigned into incorrect accounts or classes in your customer’s financial records. 

How to reclassify transactions in quickbooks desktop online: Follow Steps

Step 1: Selecting the Fiscal year that you want to review –

If you haven’t set up the Fiscal year or transactions date range that you want to evaluate. Below are the steps to follow :

  1. In the Accountant Menu, click on Client Data Review.
  2. Select Client Data Review.
  3. In the section of Review Date Range, choose the date range of the transactions you want to evaluate.
  4. In the Review Basis section, select Accrual or Cash.
  5. Choose option Modify Review.
  6. In the section of Account Balances, find out the Reclassify Transactions tab. Click on the Status drop-down and then choose the In Progress option. 
  7. Click on Close

Step 2: Review the client’s transactions –

You can start the review of your client’s transactions. 

  1. In the Accountant menu, click on Client Data Review
  2. Choose Reclassify Transactions.
  3. In the Accounts section, click on the View ▼ from the drop-down menu and select the account type. 
  4. Choose an account to review the transaction in the right pane. 
  5. In the Transactions section, click on the Name ▼ from the drop-down menu. 
  6. In the Show Transactions ▼ drop-down menu, select the transaction you want to review.
  7. Now, you can review the transactions list. 

Note:  The reclassification of transactions is not possible for the accounts payable or accounts receivable such as invoices and bills. Also, you can’t change the class or record of the transactions linked to the other transactions.

Step 3: Reclassify the transactions accordingly –

If you want to edit the transactions, you can transfer them into the correct record or class. You can reclassify the transactions with the account and class simultaneously. 

  1. Choose a transaction or Select All
  2. Click on the Account to checkbox to reclassify with the account.
  3. Click on the ▼ drop-down menu next to the Account to option. Then, click on the record where you want to transfer the transaction.
  4. Click on the Class to checkbox to do reclassification by class. 
  5. Click on the ▼ drop-down menu next to the Class to option. Then, click on a new class for the transactions. 
  6. Now, select Reclassify

Hopefully, you can reclassify your client’s transaction in QuickBooks Desktop by following the above-detailed instructions. Although, sometimes, you will counter different issues with the reclassification if there are some ruined transactions present in the list. In this kind of situation, you need to fix the ruined transactions and then go ahead with the reclassification process. If the issue remains the same, you can contact our support desk for further clarification or queries. The Sagenext contact number is – support (Toll-Free) +1-855-922-7243. You can even send us your question via email for customer support, and the email address is – support@thesagenext.com

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