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May 14, 2021
Solved

Wrong Income/Expense Account Assignment

  • May 14, 2021
  • 1 reply
  • 6 views

Is there a way to bulk correct misclassified Income/Expense account for many incorrectly assigned Non-Inventory items or is the only way to correct one at a time? 

Best answer by MaryLandT

The option to reclassify the income or expense account for an item is to manually change it one at a time, charley-b.

 

You'll want to make sure past transactions are also updated. To do so, please follow these steps:

 

  1. Go to Settings ⚙ and select Products and Services.
  2. Under the Action column of the appropriate item, select Edit.
  3. From the Income account ▼ drop-down, choose a different account.
  4. Select Save and close.
  5. Under the Action column of the same item, select Edit.
  6. From the Income Account ▼ drop-down, choose the correct account.
  7. Select the Also update this account in historical transactions checkbox.
  8. Click Save and close.

If the account won't show up from the list, you can check if the detail type is correct. Here's how:

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. From the Action drop-down of the account, select Edit.
  3. Change the detail type to Sales of Product Income if necessary.
  4. Click Save and close.

In case you need to update the item type, here's a link for instructions: Change product and service item types in QuickBooks Online.

 

Don't hesitate to post again if you have other concerns with QuickBooks. I'll be around to help you.

1 reply

MaryLandT
MaryLandTAnswer
Level 10
May 14, 2021

The option to reclassify the income or expense account for an item is to manually change it one at a time, charley-b.

 

You'll want to make sure past transactions are also updated. To do so, please follow these steps:

 

  1. Go to Settings ⚙ and select Products and Services.
  2. Under the Action column of the appropriate item, select Edit.
  3. From the Income account ▼ drop-down, choose a different account.
  4. Select Save and close.
  5. Under the Action column of the same item, select Edit.
  6. From the Income Account ▼ drop-down, choose the correct account.
  7. Select the Also update this account in historical transactions checkbox.
  8. Click Save and close.

If the account won't show up from the list, you can check if the detail type is correct. Here's how:

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. From the Action drop-down of the account, select Edit.
  3. Change the detail type to Sales of Product Income if necessary.
  4. Click Save and close.

In case you need to update the item type, here's a link for instructions: Change product and service item types in QuickBooks Online.

 

Don't hesitate to post again if you have other concerns with QuickBooks. I'll be around to help you.

June 21, 2022

Hello - this is exactly what I need, but there is not a checkbox for 'update in historical accounts' visible on the edit screen.