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Intuit

How to use the Reclassify Transactions tool in QuickBooks Online Accountant

Do you have multiple transactions that you need to change the VAT code for?

The new Reclassify Transactions feature now available in QuickBooks Online Accountant enables you to bulk reassign VAT codes for historical transactions.

In addition, you can reclassify the Account or Class of a transaction.

Reclassifying VAT Codes

  1. Select the Accountant Toolbox \uD83D\uDCBC icon then Reclassify Transactions.
  2. From the Account types drop-down menu, select Profit & Loss to see income and expense accounts. Or select Balance Sheet to see your asset, liability, and equity accounts.
  3. From the Account list, select the account with the transactions you want to change.
  4. Apply the relevant Filters and then click Find transactions .
  5. Select the transactions you wish to change, and then Reclassify.
  6. Select the relevant VAT code under Change VAT to then click Apply .

Notes:

  • You can only change one VAT code at a time.
  • You may only apply changes to one page of transactions at a time.
  • You can increase (or decrease) the amount of transactions per page (50, 150, 300) by selecting the Settings ⚙️ icon and changing the Rows per page. You can reclassify a maximum of 300 transactions at once.
  • QuickBooks does not allow reclassifying VAT when transactions have discounts, are marked Out of Scope at the transaction level, or when invoices are linked to Quotes via progress invoicing.
  • You cannot undo a bulk reclassification transaction.

Reclassifying Accounts or Classes for Transactions

  1. Select the Accountant Toolbox \uD83D\uDCBC icon Then Reclassify Transactions.
  2. Apply the relevant Filters and then select Find transactions.
  3. Select the transactions you wish to change then Reclassify.
  4. Select the relevant option under Change Account to OR Change Class to then select Apply.

Notes: 

  • Transactions that do not contain a customer name cannot be reclassified to Accounts Receivable.
  • Transactions that do not contain a supplier name cannot be reclassified to Accounts Payable.
  • Balance sheet accounts on Expense transactions cannot be reclassified.
  • You cannot change the account for Item based transactions (Invoices, Sales Receipts, Cheques and/or Bills). Items have income and expense accounts tied to them.

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