How to change a bank transfer to an expense after reconciliation?

@ccoctreasurer 

"How to change a bank transfer to an expense after reconciliation?"

1. Location the transaction in question and Undo it from the Reviewed section of the Banking tab. That should move back the transaction back to the "For Review" section of the Banking tab.
2. Click the transaction row and change the Transfer radio button to Add radio button and categorize the account as you want. That becomes an Expense type transaction.

Since it's just changing the transaction type, it should have no impact on the reconciliation report.

I hope this helps!

How do you undo the transaction if it was already reconciled?

Let's have a quick overview before we do this, jlaw.

Undoing a reconciled transaction can cause discrepancies/adjustments on your current and future reconciliation period. However, there are times that you need to do this to correct your data. You might want to consult your accountant first before you proceed to the steps that I'll be sharing with you. They can give you options or ways on how to correct your data.

Anyway, you can follow the detailed steps in this article on how to undo a reconciled transaction: Undo and remove transactions from reconciliations in QuickBooks Online.

Then again, consulting your accountant would fit in this situation. If necessary, you can invite them to your account and help you correct the details. They know what's best for you and your books.

Let us know if you need anything else so we can further assist you. Have a great day!

I did change the transfer to an expense, and I am not sure how to reconcile the account since the transfer had been reconciled.

Hello there, @jlaw.

Since you successfully transfer the account to expense, you’ll need to change the status to R in the register then reconcile the account. 

To change the status, here’s how.

1. Click the Accounting menu.
2. Under Chart of Accounts, click the account to change the status to R.
3. Then, click Save.

You can use this article to reconcile the account. Reconcile an account in QuickBooks Online.

Also, I recommend getting in touch with your accountant so you’ll be guided with the steps.

If you encounter issues when reconciling, you can use this article to know what to do. Fix issues when reconciling.

Let me know if you need further assistance. I am here to help. Have a nice day.

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@jlaw wrote:

I did change the transfer to an expense, and I am not sure how to reconcile the account since the transfer had been reconciled.

 

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@jlaw Just do the reconciliation for the last statement ending date again. 

For example, if the reconciled last statement ending date is 03/31/2020, do it again for the same ending date. If everything works out, the difference should still be zero.