I use Classes in QBO for a small Non-Profit. We are at end of year and have funds in our "US Budget" Class leftover that we are hoping to reclass to our "US Reserve" Class. I'm not finding a way to do this (outside of managing it from the original transactions on the Donor Receipts where the funds were originally classed as US Budget).
I've searched online as well as the community pages and have not found anything. Does anyone have any advice? Thank you in advance.
To my knowledge, only the QBOA (QuickBooks Online Accountant) version has the "Accountant Tools" that allow for batch reclassification of accounts and classes. In theory, you could otherwise do a journal entry to move a specific dollar amount from one account and class to another.
Thanks for dropping by the Community space, mmkPDN.
I can point you in the right direction about reclassifying transactions in QuickBooks.
As mentioned by @Regina_Lend_A_Hand_Accounting, the Reclassify Transactions tool allows customers to classify transactions by batch. However, this feature is only available in QuickBooks Online Accountant.
In the meantime, open each transaction and manually change the class. You can do that by opening the donor receipt.
From there, go to the Class column and click on the drop-down to update it. If you’d like to have the batch classification feature available in other QuickBooks Online products, I suggest sending feedback to our Product Development Team.
Ideas like this are helpful in identifying the features our customers want the most for consideration in future enhancements. While you do that, I’ll also be sending this feedback on my end.
To send feedback inside inside your company, please follow these steps:
If you have additional questions about QBO, leave me a comment. I'm always here to help. Have a wonderful day.
Thank you kindly for your reply. I don't need to do batch reclassifications so no need to use the Online Accountant. I believe the journal entry option is what I was probably looking for. I'm not sure this works in QBO to accomplish what I'm asking. If someone has actually done this I'd welcome an example.
Thank you for taking the time to reply to my request.
I suppose I wasn't as clear as I could have been. I already know how to reclass an existing transaction by going into the donor/sales receipt and accessing the original transaction line. That's not what my desire is.
Let me provide what I hope is a clearer example:
Donor Mr. Jones gave a donation in February 2018 in the amount of $5,000 towards General Funds. This was booked on a Donor/Sales Receipt using Class "US-Ops Budget" for the purpose of funding our US Budget for the year. As of this month we have only spent $2,500 of our budget. The Board has asked that we reallocate the remainder of the $2,500 toward our operating reserve which is identified by Class "US-Ops Reserve".
I do NOT want to go back to the original sales receipt and split the line into two donations, one classed for US-Ops Budget and one for US-Ops Reserve. This confuses the original intent the donor had for the donation. The original transaction should reflect that the whole $5,000 was classed toward Ops and elsewhere in the system at a later date we made a movement of the leftover funds into our reserve. It's this movement I can't figure out how to do.
Our church uses QB Desktop and they do this type of thing all the time with a Journal Entry but I've not been able to successfully figure this out in QB Online.
Sorry, one more thing...I should mention that I don't have an accounting background so if this is something that should be really obvious, my apologies. Thanks once again for any help!
Thank you all. With some outside help, I was able to figure out how to do a Journal Entry against the proper account to reclass the funds appropriately. This is the first time I've done this and now know how to do it.
As this is still open, let me figure out one more solution for you if that you might want to see.
We can do the following: if we need to automatically reclassify all the Sales Receipts we have. We can first export by the third-party tool all the Sales Reciepts you have, thus creating an output file. Then we just change the "class" field in the file to the neccessary one and by the use of the same tool we just define it to update that field in your QuickBooks Online. Thus getting output Sales Receipts with the updated Class.
It can be done in batches which is very convenient.
There are various tools for doing this, however the one that I have decided to use was named Business Importer. It can do many things and if your volume you need to work with is not too high - that tool is free to use.
I would love to hear how you solved this issue. Our board agreed to use funds allocated to a specific class for a different project. thus I need to change the class for a specific amount of funds, and yet not change any specific sales receipt/donation. Only if I can do this will their P&L for the class that needed funds from another source, show that the funds were available in that specific class and they are on budget.
Glad you joined the conversation, @seel.
You have the option to assign classes to each row or item in a transaction. Doing so would make them appear under the same project but with different tags.
Here’s how to set it up in QuickBooks Online:
See this article for the details: Track your transactions by class.
Now, create a transaction for a project with items assigned to different classes. Please see my screenshot below for reference:
Once done, the individual product/service will show under their respective tags on your report. I’m adding this article for reference in filtering the Profit and Loss report in QBO: Run a Profit and Loss report.
Please reach out to me if there’s anything else you need. I’m more than happy to help. Have a fantastic day!