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Join nowI am working on the problem of removing customer deposits / retainers from "sales". I am setup for deposits according to this article record-retainer-deposit . The only issue is that I had my Item setup for Customer Deposits as a "Non-Inventory Part". I have changed the Item Type to "Service" and would like to "kick off a recalculation" on older transactions so that my sales don't include all of the invoices I created before the item change. Is there some way of asking QBO to recategorize historical transactions? I guess my other option is to create a new item and manually change the invoice lines from the old to the new (item). Any help is appreciated. I know others have been struggled with this task, so any advice is welcome.
I can think of some ways so you can reclassify your transactions, cmiars.
In QuickBooks Online (QBO), you can manually reclassify the transaction by going to your Chart of Accounts (COA) and locating the transactions.
Here's how:
To move the balances of your transactions, you can create a Journal Entry. By doing so, it's best to contact your accountant for accurate recording of transactions.
If you want to include the historical transactions as you change the item type, you can follow these steps:
Furthermore, you may consider upgrading your account to QBO Advanced to reclassify multiple transactions.
I'll be around to help you, so please don't hesitate to let me know if you want to share additional information or questions about changing an item type and updating its historical data.
@IrizA Thank you for your response. I am on QBO Advanced. I was able to apply to historical transactions but the results were not what I wanted. I am trying to remove deposits/retainers from my Sales and Sales Tax reports. I have a setup accounts and items similar to this link record retainer or deposit . Even when I record transactions with all the information updated, I still get the deposit added to the Sales totals. Any advice for removing deposits/retainers from Sales totals?
Hello there, @cmiars_hvac.
Let me share some information about your concern about removing deposits/retainers from my Sales and Sales Tax reports.
Please make a note of the following text:
Changing the income account for product or service items should impact the new transactions. Since it didn't update your entries, I suggest changing it to a different account and then switching it back to the correct one. If the issue persists, I recommend refreshing the tab and logging in and out of your QuickBooks account.
Moreover, if you need to track your best-selling items or the total sales for each product or service, you can refer to this article on how to use reports to review your sales and inventory status. Also, a guide on how to add sales taxes to your products and services.
Please click the Reply button if you have any other questions regarding removing deposits/retainers from my Sales and Sales Tax reports. I'm more than happy to help. Have a great day ahead, @cmiars_hvac!
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