How do I reclassify entries posted in balance sheet accounts into P & L accounts? Move transfers entries posted in undeposited funds in to actual expense accounts?

The option to reclassify transactions is available in QBO for Accountants subscription, frankdaquinotaxe.

Having the Reclassify Tool helps the accountants correct the transactions that were assigned to the wrong account. If you're using the Accountants subscription, just refer to this article for the detailed steps: How to use the reclassify transactions tool in QuickBooks Online Accountant. However, if you have a regular QBO subscription (Simple Start, Essentials, Plus), you'd have to manually change the accounts used on the transactions.

To answer your second question about transferring entries, you can choose between the two scenarios. If the items used in the transactions are assigned to an expense account, you can create a Bank Deposit. Otherwise, you'll have to delete and recreate the entries as expense transactions so they'll be posted to the correct expense account.

You can also consult your accountant for the best advice to record these entries.

Please let me know if you have any further questions. I'll be here to help you out.