Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.

You can do batch reclass for expense transactions recorded to Account details tab. They use the account from the Chart of Accounts. These expenses are created using the Expense, Check or Bill in QBO

However, if it’s sales forms entries like customer invoices that use the product/service item code, then it’s not possible to do batch reclass from one account to another account. The same thing applies to purchases (like inventory purchase) that use Items details tab.

So, if your original entry is Journal Entry type or Sales form or Product/Service Item, you can’t do batch reclass. You can’t also batch reclass class/location in regular QBO.

To reclassify category in batch for account details entries:
From the homepage dashboard > Expenses > Expenses > Select transactions need to be reclassified to another account category > Select “Categorize selected” under Batch actions > Select NEW Category > Apply.

See screenshot below for reference.

As a sole proprietorship, what detail type should I use for Owner’s Draws account in QBO

In QBO, I would use Owner’s Equity as detail type for Owner’s Draws account name.

  • Category Type: Equity
  • Detail Type: Owner’s Equity
  • Name: Owner’s Draws

 
owners-draws-account
 

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Why is my credit card beginning balance negative

You will first need to check the account TYPE in the Chart of Accounts.
If you’ve manually entered the credit card balance as a positive number when, creating a new account in the Chart of Accounts, on reconciling screen, your beginning balance should also be positive, not negative.

You will need to check the TYPE on your chart of accounts. For credit card account, the CATEGORY TYPE should also be “Credit Card” not Bank or something else. If it’s not setup as credit card type, you will need to edit from pull-down arrow next to view register in the chart of accounts.

coa-credit-card-type
coa-credit-card-category-type






How to track donated inventory stock items by your business in QuickBooks

These are the specific steps you can follow in QuickBooks Online (available in plus plan only) if you are donating or giving away tracked quantity on hand inventory items.

Create ZERO Value Sales Receipt for Inventory Items:
1. From the Home Page screen > click Create (+) Sign (top middle bar) > Customers > Sales Receipt and create a Sales Receipt for the inventory item.
2. Choose a customer (name of donating company). Add new if needed.
3. Select Item Donation as your Payment Method. Add new if needed. Optional.
4. For “Deposit to” field, select Add new and create bank category type account. Name it clearing account. (This will create just a zero dollar transaction. You would not have any actual banking transactions in this bank register).

Screenshot 2016-07-17 16.03.31

 

5. In the Product/Service column, click the drop-down arrow to select the product/service you are donating.
6. Change the Rate of the selected product/service to zero so that the total of the sales receipt is zero.
7. Click Save.

Screenshot 2016-07-17 16.01.32

 

8. Click “More” at the bottom. Select Transaction Journal report. This will give you the original cost of the inventory items you are donating. Print as PDF or select export to excel. Do the same for the Sales Receipt.

Screenshot 2016-07-17 16.01.58

Screenshot 2016-07-17 16.02.07

 

Next, to account for the original cost of the product/service(s) selected, create a Journal Entry to move the cost out of the Cost of Goods Sold account and into the appropriate expense account (for example, Charitable Donations Expense).

To record this:
1. Click Create (+) sign > Other > Journal Entry.
2. In the Account section, choose the expense account used to track charitable contributions (for example, Charitable Donations Expense).

Screenshot 2016-07-17 16.03.09

 

3. Enter the cost of the product/service in the Debit field.
4. On the next line, click the drop-down arrow and select the Cost of Goods Sold (COGS) account for the donation.
5. The cost of the product/service entered in the field above will populate the Credit field.
6. Click Save.
7. Optional. Attachments (bottom left) for the record. Attach Transaction Journal (that gives you how you got the cost of the donated items) and Sales Receipt.

Screenshot 2016-07-17 16.00.01

Screenshot 2016-07-17 15.59.39
 

Our YouTube Tutorial Video: How to track donated inventory stock items by your business in QuickBooks

 

Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner

First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement.

Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor. Account to show as due to the owner liability type account. See screenshot below.

owner deposit
owner deposit

Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below.

contractor expense
contractor expense

Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below.

check to owner
check to owner

In case there is no need to reimburse the owner (step#1), you will use a capital contributed account which would be an Owner’s Equity type account.

Review of 1099 vendors and payments list. See screenshot below.

review 1099 vendors payments
review 1099 vendors payments

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