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Community Contributor *

How do I switch account categories for transaction items marked Invoice? I need to change the account for a specific transaction from Services to Software Sales. Thanks!

 
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Best answer 05-24-2019

Accepted Solutions
QuickBooks Team

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

Don't mention it, @rameet.

 

As long as the item you're updating is of the Service or Non-inventory types, whenever you select a new Income account, a check-box will appear that allows you to Also update this account in historical transactions. I've included a screenshot of this below.

 

Also update this account in historical transactions

 

If you've already updated the account and didn't select this option, simply change it to another Income account, save, then change it back again and be sure to check the box. At this time, due to the way QuickBooks Online handles Inventory Quantity Tracking, this feature isn't supported for Inventory type items. Should you need to update the income account for one of these types of items, you'll need to create a new item for each invoice or transfer the balance with a Journal Entry.

 

Please let me know if you'd like to go this route and I'll be sure to supply you with some resources that will ensure your success. Thanks again, best wishes.

QuickBooks Team

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

You’re very much welcome, @rameet.
 
I’m pleased to hear that everything works on your end. What we love is being able to back businesses like yours and fuel their success.
 
Since you’re currently learning all the program’s features, you’ll really enjoy our free video tutorials. Also, they demonstrate how to find and use every aspect of QuickBooks Online: All QuickBooks Tutorials.
 
Also, you can check the Community page for some tips and tricks in using QuickBooks accounting and bookkeeping features: Help articles for QuickBooks Online.
 
Keep in touch with me if you have other questions. Wishing you all the best!
6 Comments
QuickBooks Team

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

You've come to the right place, @rameet.

 

Changing the Income account associated with your Products and Services in QuickBooks Online is a breeze, here's how:

 

Change a Product's Income Account

  1. From QuickBooks Online, click the Gear icon (⚙) > Products and Services.
  2. Next to the item you need to update, click Edit.
  3. Under Income account, select the appropriate Income account.
  4. Click Save and close once finished.

These instructions are also available from our guide on changing Product/Service account assignments or the quick video demonstration below:

 

That's all there is to it! This ensures all future invoices that include this Product or Service item will feed into the correct Income account. Please keep in touch with us here in the Community for all of your QuickBooks needs, we're always happy to lend a helping hand. Thanks for bringing us your question, cheers to a safe and relaxing weekend ahead.

Community Contributor *

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

Thanks! This is very helpful. But how do I retroactively change something that was already booked as a Service and needs to be booked as Software Sales?

QuickBooks Team

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

Don't mention it, @rameet.

 

As long as the item you're updating is of the Service or Non-inventory types, whenever you select a new Income account, a check-box will appear that allows you to Also update this account in historical transactions. I've included a screenshot of this below.

 

Also update this account in historical transactions

 

If you've already updated the account and didn't select this option, simply change it to another Income account, save, then change it back again and be sure to check the box. At this time, due to the way QuickBooks Online handles Inventory Quantity Tracking, this feature isn't supported for Inventory type items. Should you need to update the income account for one of these types of items, you'll need to create a new item for each invoice or transfer the balance with a Journal Entry.

 

Please let me know if you'd like to go this route and I'll be sure to supply you with some resources that will ensure your success. Thanks again, best wishes.

Community Contributor *

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

Thanks!

QuickBooks Team

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

You’re very much welcome, @rameet.
 
I’m pleased to hear that everything works on your end. What we love is being able to back businesses like yours and fuel their success.
 
Since you’re currently learning all the program’s features, you’ll really enjoy our free video tutorials. Also, they demonstrate how to find and use every aspect of QuickBooks Online: All QuickBooks Tutorials.
 
Also, you can check the Community page for some tips and tricks in using QuickBooks accounting and bookkeeping features: Help articles for QuickBooks Online.
 
Keep in touch with me if you have other questions. Wishing you all the best!
Community Contributor *

Re: How do I switch account categories for transaction items marked Invoice? I need to change the...

thanks!