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AthirahZ
Level 1

Will changes made to the product & services setting affect the past periods' financial statement?

I want to make a change in the expense account set for a certain services, but will it affect my expenses in the previous years? 

Solved
Best answer April 03, 2023

Best Answers
Mich_S
QuickBooks Team

Will changes made to the product & services setting affect the past periods' financial statement?

Hello there, @AthirahZ.

 

Yes, the financial statement for the prior year won't be affected when you change the expense account for specific services in QuickBooks Online. It will only impact future expenditures and transactions.

 

Here's a guide you might want to check about handling expenses in QBO: Enter and manage expenses in QuickBooks Online.

 

You can always get back to us if you have other clarifications about expenses, products & services, or QuickBooks in general. We'd be delighted to help. Take the best care!

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1 Comment 1
Mich_S
QuickBooks Team

Will changes made to the product & services setting affect the past periods' financial statement?

Hello there, @AthirahZ.

 

Yes, the financial statement for the prior year won't be affected when you change the expense account for specific services in QuickBooks Online. It will only impact future expenditures and transactions.

 

Here's a guide you might want to check about handling expenses in QBO: Enter and manage expenses in QuickBooks Online.

 

You can always get back to us if you have other clarifications about expenses, products & services, or QuickBooks in general. We'd be delighted to help. Take the best care!