How do I re-class in QuickBooks desktop 2020 without accountant tools?

MichelleMM1 · ‎January 26, 2021

Hello there,

We have some accounts that will need to re-classed on a period basis according to a certain allocation to each class. For example, tools and small equipment will be purchased and used by most of our classes/divisions. Instead of guessing on a weekly/monthly basis who will be using what for the time period, we would like to re-class at one time based upon our external tracking of usage for the time period. Also, we do not want to have a set percentage of allocation for our classes, we want to me more accurate and track usage. Also, it would be cumbersome to enter one bill and have 5 line items just to class it appropriately.

From what I have read so far in the community, you must have the accountant tools to re-classify in batches? Can this be achieved through journal entries in the desktop version without accountant tools? Sidebar, are the accountant tools and add-on that can be purchased or is it an actual version of QB?

I appreciate any help. Thanks, Michelle

Angelyn_T · ‎January 26, 2021

Hi Michelle.

It's nice to have you here on the Community page. I can share with you the steps on how to reclassify transactions in QuickBooks Desktop (QBDT).

Yes, you're correct with reclassifying transactions at once. To use the Reclassify Tool, you need to have QBDT Accountant, Enterprise, or Accountant Enterprise version/s. If you don't have the same version of QuickBooks, you can still perform the process manually.

Here's how:

Open each transaction (a bill, invoices, checks, and others).
Make the necessary changes and update the class/division.
Click Save and Close.
Replicate the steps for the rest of the entries.

You can also run a report and group them by class to locate your transactions easily. For additional resources about running and customizing your reports, I recommend opening this article: Understand reports.

On the other hand, yes, you need to select the appropriate classes per line item if you want to link each item to a different class. However, if you want to associate all items to a single class, you can select a single class under the Bill Due date section.

I've added these screenshots for your visual references.

To learn more about the class tracking feature in QuickBooks Desktop, you can open this link: Set up and use class tracking in QuickBooks Desktop.

Moreover, you can also check out the topics from our help articles for more tips while working with QuickBooks in the future.

If there's anything else you need help with reclassifying transactions in QBDT, please let me know by adding a comment below. I'm always here to help. Have a good one!

View solution in original post

Angelyn_T · ‎January 26, 2021

Hi Michelle.

It's nice to have you here on the Community page. I can share with you the steps on how to reclassify transactions in QuickBooks Desktop (QBDT).

Yes, you're correct with reclassifying transactions at once. To use the Reclassify Tool, you need to have QBDT Accountant, Enterprise, or Accountant Enterprise version/s. If you don't have the same version of QuickBooks, you can still perform the process manually.

Here's how:

Open each transaction (a bill, invoices, checks, and others).
Make the necessary changes and update the class/division.
Click Save and Close.
Replicate the steps for the rest of the entries.

You can also run a report and group them by class to locate your transactions easily. For additional resources about running and customizing your reports, I recommend opening this article: Understand reports.

On the other hand, yes, you need to select the appropriate classes per line item if you want to link each item to a different class. However, if you want to associate all items to a single class, you can select a single class under the Bill Due date section.

I've added these screenshots for your visual references.

To learn more about the class tracking feature in QuickBooks Desktop, you can open this link: Set up and use class tracking in QuickBooks Desktop.

Moreover, you can also check out the topics from our help articles for more tips while working with QuickBooks in the future.

If there's anything else you need help with reclassifying transactions in QBDT, please let me know by adding a comment below. I'm always here to help. Have a good one!

MichelleMM1 · ‎January 26, 2021

That answers my question! Unfortunate the reclassify tool is not available in my QB version. I appreciate the clarification and screenshots. Michelle

Fiat Lux - ASIA · ‎January 26, 2021

@MichelleMM1

You may have 2 options:

1. If you are using QBD Pro/Premier 2020 or 2021, purchase a one time license of QBD 2021 Accountant for 1 user.

2. Utilize a migration tool. Export your data out to XLS, modify the class, import it back into your company file.

https://transactionpro.grsm.io/qbd

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

t3rryt · ‎March 01, 2023

Is there a way to reclass items from the profit and loss to the balance sheet?

t3rryt · ‎March 01, 2023

Is there a way to move something from the profit and loss to the balance sheet

FateCandylaneT · ‎March 01, 2023

It's great to have you joining in on this thread, t3rryt.

I'll share insights into how these transactions work in QuickBooks Desktop (QBDT).

All posting transactions that use income statement-type accounts will post to Profit & Loss. Since this serves as the summary of a business's revenues and expenses, any transaction that appears on your balance sheet will not be shown on the P&L.

On the other hand, balance sheets are the financial statement of the company's assets, liabilities, and equity. Thus, if you'll want to merge the transaction reports of these two, we can export these and manually move incorrect transactions from P&L to the balance sheet. For more detailed information, visit this article: Export reports as Excel workbooks in QuickBooks Desktop.

However, if the data or transactions are recorded incorrectly from the P&L, we can delete them and re-create the transaction into the balance sheet. That said, it will make your accounts accurate, and all details will be on the right track.

Moreover, you can check out these references to guide you about running and customizing specific reports:

Keep us updates if you have additional QuickBooks concerns. We'd gladly assist you further. Take care and have a good one!

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How do I re-class in QuickBooks desktop 2020 without accountant tools?