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Can I correct a misclassification of an entry? For example, I have an item that should have been labeled as a retained earnings withdrawal but was entered as an expense?

 
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QuickBooks Team

Re: Can I correct a misclassification of an entry? For example, I have an item that should have b...

Hi there, @boruchw,

 

You'll be glad to know that you can correct the classification of an entry.

 

To do so, let's first change the label of the item on the Products and Services page. Here's how:

  1. Click the Gear icon at the right top.
  2. Select Products and Services under Lists.
  3. Enter the name of the item in the Find products and services search box.
  4. Click Edit under Action.
  5. Select the desired Expense account from the drop-down.
    expenseaccount.PNG
  6. Click Save and close.

Then, edit the entry on your register to correct the classification of the account. Let me guide you through on how to accomplish this.

  1. Select Accounting from the left menu.
  2. Open the bank account where the transaction was posted to.
  3. Locate the entry you want to edit and click it.
  4. Select the category under Account column, then click Save.
    correctclassification.PNG

Moving forward, QuickBooks will recognize the Retained Earnings as the Income account for that item.

 

Feel free to read through this article for the detailed steps: How to add or edit transactions in a Register. This link will guide you on how to change the entry details on your Chart of Accounts.

 

Keep me posted if there's anything else you need with correcting entries in QBO and I'd be glad to help.

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