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Level 1

I have some uncategorized assets that need to be converted to expenses

 
11 Comments
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QuickBooks Team

I have some uncategorized assets that need to be converted to expenses

I'd be glad to help you out with this, alucas00.

 

If you already added the transactions in the bank register, you can follow these steps to update the category to expenses:

  1. Go to Accounting on the left panel.
  2. Select Chart of Accounts.
  3. Find the Uncategorized Asset account, then click the View register link under the Action column.
  4. Look for the transaction, select it to expand.
  5. Click the Edit button. 
  6. In the Deposit page, scroll down to Add funds to this deposit.
  7. Under the Account column, select the expense account.
  8. Click Save and close.

I've added some sample screenshots for reference:

 

Otherwise, undo the transaction in the Banking page and add it with the correct expense category.

 

Here's how:

  1. Go to Banking on the left panel.
  2. Click the Reviewed tab.
  3. Find the transaction and select Undo under the Action column.
  4. Go back to the For Review page, and select the transaction.
  5. Change the Category from the drop-down menu and select Add.

Here's an article for reference: Assign, categorize, edit, and add your downloaded banking transactions.

 

We're always around if you need more help with QuickBooks Online. Thanks.

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Level 11

I have some uncategorized assets that need to be converted to expenses

@alucas00 

 

In QBO, the easiest way to change the account category is directly from the Left Dashboard > Expenses tab.

Once you're on the Expense Transactions page, locate the transaction in question and change the account you want under the Category column. It will update/saved. See attached screenshot for reference.

 

Expense Category

 

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Level 1

I have some uncategorized assets that need to be converted to expenses

So I've auto loaded my Amex expenses and have added them all. But the payments to the Amex card are coming up as "transferred from uncategorized assets" - if I allow that transfer will it not create a double entry for the Amex amount in Expenses? 

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Moderator

I have some uncategorized assets that need to be converted to expenses

Thanks for joining the thread and providing detailed information about your concern, @SCFranklin.

 

When modifying a transaction, you’ll need to switch the radio button from Transfer to Add to see the Select Category box. From there, click on the drop-down and choose the correct Expense type where you want to post the transaction. Doing so will not cause duplication.

 

For more insights about the procedure, you can follow the steps provided by my colleague above or check this article: Assign, categorize, edit, and add your downloaded banking transactions.

 

If you need anything else, just add a comment below. It's always my pleasure to help. Have a great day!

 

 

 

**Say "Thanks" by clicking the thumb icon in a post.
**Mark the post that answers your question by clicking on "Accept as solution".

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Level 1

I have some uncategorized assets that need to be converted to expenses

Hi there! I'm still pretty new to QBO and I have the same issue but as per the instructions that you've laid out I am not able to because it's a "transfer" from the checking account to the uncategorized assets account.

These transfers have also been reconciled as well. 

 

Any suggestions would be sooooo helpful and much appreciated!!

 

Thank you,

-Tay

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QuickBooks Team

I have some uncategorized assets that need to be converted to expenses

Welcome to the QuickBooks Community, Tay!

 

In this case, you won't need the downloaded bank transaction anymore since you've done recording a transfer in QuickBooks and it's already reconciled. You can just exclude it.

  1. On the Banking page, select the For Review tab.
  2. Select the checkboxes of the payment transaction to exclude.
  3. From the Batch actions drop-down, choose Exclude Selected.

Credit card payments are recorded in different ways, and they become a matching entry to the downloaded payment transaction on the Banking page. Next time, you can record a credit card payment first, and then match it with the downloaded payment on your credit card account on the Banking page.

 

Please don't hesitate to go back to this thread if you need more help. Have a good one!

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Level 1

I have some uncategorized assets that need to be converted to expenses

Thank you for the reply. The transactions have already been fixed for the future. It's past transactions that are in the "Uncategorized Asset" register that were transferred from the checking account. They should've been edited and been added as a utility expense. 

 

I'm trying to figure out how to remove the transfer from the "Uncategorized Asset" register without making a mess in the check register since these transactions have already been reconciled. 

 

Thank you again for the help!

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QuickBooks Team

I have some uncategorized assets that need to be converted to expenses

Hello, @PurposeDriven1

 

I appreciate you getting back for additional support. Allow me to chime in and clear this up for you.  

 

All added transactions from your bank are automatically on the In QuickBooks tab, which also reflects on your Register. To remove the transfer from Uncategorized asset, you will have to Undo the transaction and re-categorize. 

 

Here's how: 

 

  1. Click the Banking.
  2. Hit the Reviewed tab.
  3. Locate the transaction and select Undo under the Action column.
  4. Go back to the For Review, and press the transaction.
  5. Change the Category from the drop-down menu. 
  6. Press Add.

 for review.PNG

 for review1.PNG

 

Once done undo the transaction, you can make whatever edits/changes necessary, but make sure you go back and mark it "R" (reconciled) so you won't be out of sync.

  

For more detailed steps, here's an article for reference: Assign, categorize, edit, and add your downloaded banking transactions.  

  

Please know that I'm just a post away if you have any other questions. Have a great day ahead. Take care!

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Level 11

I have some uncategorized assets that need to be converted to expenses


@PurposeDriven1 wrote:

Thank you for the reply. The transactions have already been fixed for the future. It's past transactions that are in the "Uncategorized Asset" register that were transferred from the checking account. They should've been edited and been added as a utility expense. 

 

I'm trying to figure out how to remove the transfer from the "Uncategorized Asset" register without making a mess in the check register since these transactions have already been reconciled. 

 

Thank you again for the help!


@PurposeDriven1 

 

"I'm trying to figure out how to remove the transfer from the "Uncategorized Asset" register without making a mess in the check register since these transactions have already been reconciled."

 

Normally in case if they're not reconciled and if it was transferred type from the Banking tab, you will need to delete the transaction. That will bring the transaction back to the Banking tab again. You will need to open the transaction in question and change the radio button from "Record transfer" to Add and categorize the account as you want. That's how it should be done.

 

Since you mentioned it's already reconciled and don't want to create more mess in the QBO register, the best way to handle this is to write a Journal Entry for reclass (Dashboard + New > Other > Journal Entry). Credit to Uncategorized Asset Account and Debit to the account you want reclass to. Example: Utility expense.

 

I hope this helps!

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Level 1

I have some uncategorized assets that need to be converted to expenses

This worked perfect!! Thank you so much!

Highlighted
QuickBooks Team

I have some uncategorized assets that need to be converted to expenses

Hi PurposeDriven1. 

 

I'm glad you were able to find the answers you needed. If you have any further questions, feel free to post in the Community at any time.

 

Thanks for your time and have a nice evening. 

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