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ValarieFrances
Level 1

Account type changed from Banking to Credit Card

I created a bank account that was actually a credit card. I had already entered an opening balance, one month's transactions, and reconciled the first month before changing the account type to a credit card.

 

While it was a bank account the transactions were automatically added as Checks. Now that it is a credit card when I open any of the first month's transactions I get an error regarding the type of account. QB does not want a Check in a Credit Card account, and it asks me to change the account to a Bank Account on the list. I can't save, revert, or edit the transaction until I change the type of account. I ultimately get stuck. 

 

Is there a way to change the Checks in the Credit Card account to prevent this error from happening? Or do I just never open these transaction ever again? 

5 Comments 5
BigRedConsulting
Community Champion

Account type changed from Banking to Credit Card

No, there's no way to change checks to CC charges.

 

If editing these transactions is important, then probably the best way to fix this is the manually re-create the transactions as CC charges and then delete the checks.

Advokat
Level 1

Account type changed from Banking to Credit Card

I have the same question and I'm hoping QB has added a feature that can solve this (pretty please?!) .The Bookkeeper before me incorrectly classifed a credit card account as a checking acct.. As I'm preparing to help my client accurately pay his taxes, PLEASE tell me there is a way to reclassify 6 mos worth of credit card transactions (entered as checks and therefore expenses reducing his income) to credit card transactions. I'm on QuickBooks desktop. Thank you. 

Bryan_M
QuickBooks Team

Account type changed from Banking to Credit Card

Hi there, @Advokat.

 

I see that this has been a challenge for you. No worries, I've got your back right now. Using an Accountant Tool in QuickBooks Desktop can reclassify your six-month worth of credit card transactions.

 

The Accountant Tool in QBDT is only applicable for QBDT Accountant, Enterprise, and Accountant Enterprise. In short, you'll need to have one of these subscriptions to reclassify transactions.

 

Before we successfully reclassify transactions, there are three processes we'll need to perform. And we'll be going to do this in the simplest way possible.

 

The first process is to Select the fiscal year you want to review. If you haven't yet, you must set the fiscal year or the date range you want to check the transaction. Here's how:

 

  1. Starting with the Accountant menu, choose Client Data Review.
  2. Click Client Data Review and select Modify Review, then tap OK.
  3. Choose the transaction date range you want to review in the Review Date Range section.
  4. Select either Accrual or Cash. Then, Modify Review, you'll see Start Review the first time you use it and Modify Review for subsequent uses.
  5. Find Reclassify Transactions in the Account Balances section. From the Status dropdown, hit In Progress. Then, select Close.

 

After that, let's proceed to review your client's transactions. You can follow the steps below on how to perform this.

 

  1. From the Accountant menu, select Client Data Review.
  2. Click Reclassify Transactions, and select the View dropdown in the Accounts section. Then, choose the account type.
  3. Choose an account to view the transactions in the right pane.
  4. In the Transactions section, select the name for the Name dropdown.
  5. From the Show transaction dropdown, choose what transactions you want to review.
  6. Review the list of transactions because the transactions that use accounts payable and receivable, like invoices and bills, can't be reclassified. Also, changing the class or account isn't possible if transactions are linked to other transactions. 

 

Lastly is to Reclassify transactions. Before that, if you need to correct the transactions, move them to their correct account or class. You can also reclassify by account and class at the same time. 

 

Here's how to reclassify transactions:

 

  1. Select a transaction or select All.
  2. Choose the  Account to checkbox to reclassify by account.
  3. Click the ▼ dropdown arrow next to the Account to. Then, find an account where you want to move the transactions.
  4. To reclassify select the Class to the checkbox.
  5. Select the ▼ dropdown arrow next to the Class to. Then, select a new class for the transactions.
  6. Tap Reclassify.

 

If you want to recover details of your deleted transactions, you can read this article: Use audit log to re-enter deleted transactions.

 

Never hesitate to reply back to this thread if you have additional questions about reclassifying your transactions. I'll be happy to extend a hand. Take care, and enjoy the rest of the week!

CenaAbramo
Level 1

Account type changed from Banking to Credit Card

Is there a way to do this in QBOnline?  I am cleaning up for a client that has 3 years of credit card transactions (liability) entered into a "checking" account (asset)  in QBO.  Any suggestions would be appreciated!!  Thank you!

PS - I know HOW to edit an account type... just not sure what the outcome would be if I tried to do that...  TY!!

 

Angelyn_T
QuickBooks Team

Account type changed from Banking to Credit Card

I appreciate you joining the thread, Abramo. Let me help you clean up your client's accounting data today.

 

Great news! Reclassifying transactions is also available in QuickBooks Online (QBO) Accountant and Advanced. The tool saves time by applying the same adjustment to several transactions at once, so you no longer need to modify the entries one at a time.

 

In QBO Accountant:

 

  1. Sign in to your account.
  2. Open your client’s company file.
  3. Select the Accountant Tools, then Reclassify transactions.

 

For QBO Advanced, select Reclassify Transactions from the Gear icon.

 

In the Reclassify Transactions window, you may have to pull up the Profit and Loss or Balance Sheet report from the Account type dropdown to see your income and expenses or asset, liability, and equity accounts. You can also review the resources from this page for more information: Reclassify or move multiple transactions in QuickBooks Online Accountant and Advanced.

 

The account types determine your financial report. Choosing the precise type sets you up with accurate reports to help you assess the financial health of your business. That said, editing your account types can affect your reporting and accounting data. You may have to generate your reports before and after doing the process.

 

On the other hand, if you need help making your accounts inactive to delete them from your record, you may use this material as your reference: Make an account inactive on your chart of accounts in QuickBooks Online.

 

Please leave a remark below if you have follow-up questions while working with your transactions or accounts. I'm always willing to help. Have a good one!

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