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.
In QuickBooks Online (QBO), “Account Details” refers to a selection of an account from the company chart of accounts to categorize expense type (or non-expense type) whereas “Item Details” mainly refers to adding an item from products and services list like the purchase of inventory items by quantity and unit price. It may also help to use for some job costing purposes when job/project cost reports are available in QuickBooks Online Plus plan.
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.
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).
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.
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.
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).
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.
Currently, there is no option to reconcile undeposited funds account. The undeposited funds account is not on the listing of accounts that can be reconciled like for bank, credit card and other assets and liabilities accounts.
Interestingly, it’s sort of automatically reconciled when existing payments from the undeposited funds transferred to the bank account. What’s left in the account is treated as unreconciled status. To get the unreconciled status data, you can get the information directly from the undeposited funds register, you will need to follow these steps:
From the home page screen > left navigation bar > transactions > chart of accounts > select undeposited funds account and click view register under action column > once you’re on the asset register, click little funnel icon arrow down > select ” Not Reconciled” under reconcile status > select all dates > apply
All the items remaining on top without “R” sign (payment and sales receipt) represents “Not Reconciled” status. The total amount should match with the shown “Ending Balance” on top of the register. You can print or download to excel this report.
The only problem with this report is, there is no way to get the running balance that they took it out on their last update. When sort, you will see “n/a” only with no balance or grand total. If you think you need running balance or grand total instead of “n/a” only, send them your feedback request here:
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.
Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below.
Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below.
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.
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