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Community Contributor *

Reclassification Question

I have a company file set up for construction jobs with classes for plumbing, framing materials, etc., where I can track specific costs for individual jobs. I invoice and get paid per customer by the job. I am also a weekend musician and didn't know how else to invoice and track income by gigs played, so I set up "jobs" under the specific venue name (like "Westin" or "Marriott"), bill for each gig paid, then receive payments when I get paid , recording the payment under that particular "job". My accountant wants the musician income to be taken out of that whole scenario and moved to a new income category called Music Income. I created the new income account called Music Income, but now have no idea how to go back into all the invoices I billed and got paid for under each venue and move all that income out of the "jobs" and into that new income category. Any ideas?

Solved
Best answer 08-01-2018

Accepted Solutions
QuickBooks Team

Re: Reclassification Question

Hi Robinrosshhi,

Thank you for posting to the community.

In QuickBooks desktop Pro 2017 the best way to achieve a separate 'Job' for your music income which posts to a separate 'income category' or 'Income account' called music income would be to do the following.

1.   Click on 'Lists' across the top toolbar, and then select 'Item List'
2.  Go to 'Item' at the bottom of the list, click the drop down arrow and then select 'New'

image.png

 

3. Create a new item called ' Music Income', or 'Gigs Played' or something to that effect.
4. Make sure when you fill in the 'Account' section of the item (In the bottom right hand corner of the box) that you click on the drop down, select new, and create an income account named 'Music Income'

image.png


Once this item has been set up, you would need to go into all of the sales forms such as 'Invoices' or 'Sales Receipts' related to the Job you have created to represent Gig income, and then change the item to the new one which you have just created. This would mean that as per your accountants request, when you come to run a Profit and loss report the music income will be separated from the income from other Jobs.

If you have any further questions on the above, please let me know!

Chris.

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8 REPLIES 8
Anonymous
Not applicable

Re: Reclassification Question

Hi robinrosshhi,

 

Thank you for contacting the Community.

 

To change the income account you will need to change the product/service itself.

 

To do this click the Gear icon and Products and Services. Find the product/service you wish to change and click Edit. Change the Income Account field to the income account that your accountant wants you to use and tick the box that says Also update this account in historical transactions. When you click Save and Close this will update all of the previous transactions.

 

Please let me know if there is anything else I can help with. :)

Community Contributor *

Re: Reclassification Question

Thank you so much. I am using Desktop Pro 2017 and while I don't have an icon, I did find under the "Lists" Tab, the drop down menu for the "Items" where I can change what you say. I have legitimate construction jobs we've done in there as well, so if I change what you say, it will change them as well, right? I'm so bad at this stuff.....its how it got me into trouble in the first place! Thanks for any help.

 

 

QuickBooks Team

Re: Reclassification Question

Hi robinrosshhi.

 

Apologies, we thought you were using the QuickBooks Online product but it seems you are using Desktop so the layout will be very different. I'm going to pass this query over to our Desktop specialist and we will get you a response as quickly as possible.

QuickBooks Team

Re: Reclassification Question

Hi Robinrosshhi,

Thank you for posting to the community.

In QuickBooks desktop Pro 2017 the best way to achieve a separate 'Job' for your music income which posts to a separate 'income category' or 'Income account' called music income would be to do the following.

1.   Click on 'Lists' across the top toolbar, and then select 'Item List'
2.  Go to 'Item' at the bottom of the list, click the drop down arrow and then select 'New'

image.png

 

3. Create a new item called ' Music Income', or 'Gigs Played' or something to that effect.
4. Make sure when you fill in the 'Account' section of the item (In the bottom right hand corner of the box) that you click on the drop down, select new, and create an income account named 'Music Income'

image.png


Once this item has been set up, you would need to go into all of the sales forms such as 'Invoices' or 'Sales Receipts' related to the Job you have created to represent Gig income, and then change the item to the new one which you have just created. This would mean that as per your accountants request, when you come to run a Profit and loss report the music income will be separated from the income from other Jobs.

If you have any further questions on the above, please let me know!

Chris.

View solution in original post

Community Contributor *

Re: Reclassification Question

You guys are the best! That did it. Thanks so much for the help. My P&L now shows the two separate income categories my CPA wanted.

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Intuit

Re: Reclassification Question

Hi, @robinrosshhi!

 

Welcome to the QB Community! And awesome news that the Community helped you solve your query.

 

You're a weekend musician, that's amazing! How long have you been a musician? And do you have any exciting gigs coming up? :)


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Community Contributor *

Re: Reclassification Question

Hi, Jessica!

I have played music since I was 9, but started playing professionally 36 years ago! My husband and I have been a duo playing Hilton Head Island resorts since 1989....lots of 70s, 80s and current covers. We have been playing fulltime now for the last couple of years with our family remodeling business gradually taking a back seat. We do lots of weddings and corporate events, and it's way more fun than meeting plumbers at rental villas! Thank you for your interest. Check out our website at www.ross2.net, and if you're ever in Hilton Head, look us up!

Thanks again to everyone for all their help. Our CPA is very happy with all of us!

Intuit

Re: Reclassification Question

Hi, @robinrosshhi!

 

That's so amazing. You definitely have a passion if you started out when you were 9! I can imagine how fun it is, what a great way of exploring and meeting new people; through the art of music.

 

The Community is much more than product help. In QB Community, you’ll never feel intimidated asking a question, sharing about a struggle or celebrating a win. Our members love sharing what they know, commiserating about a tough day and cheering madly when things go well. It's a place for everyone to feel heard, you should definitely share your business/music journey on the business boards! (Linked below)... I look forward to hearing from you again!  Smiley Very Happy 

 

Also, I am so pleased our product team assisted you with your query! We are always here!


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