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Journal Entries

We are using an operations software that keeps track of all of our business functions from an operations standpoint. It even goes as far as allowing us to pay vendors from the software. After that, they created an integrations with QBO to keep track of all the back-end financials and reporting.  

 

The problem we are having is, everything is imported as a journal entry and as such it doesn't associate bills to bill payments. For example, when I tried running 1099s for last year, it mixed together all of the bills (which were positive amounts) with the bill payments (which were negatives) for a net 1099 value of 0. 

 

Attached is a small snippet from this year so far so you can see what I'm talking about. I highlighted the bill payments. 

 

Can anyone advise if they have a similar issue when dealing with journal entries? Is there a way to reclassify journal entries? 

Solved
Best answer 03-01-2019

Accepted Solutions
Anonymous
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Re: Journal Entries

Great to see you here today, @Bryce,

 

Thanks for visiting our forum. I can share some insights about reclassifying journal entries in QuickBooks Online.

 

Transactions created from a third-party platform which isn't supported in QuickBooks are imported as journal entries. If you're using QuickBooks Online Accountant version, you have the option to reclassify your transactions by batch.

 

Here's how:

 

  1. On your QBOA account, click the Go to client's QuickBooks drop-down.
  2. Choose the client's company file.
  3. At top of the Dashboard, click the Briefcase icon 💼 to access the Accountant Tools.
  4. Click Reclassify Transactions.

You can check this article to know more about using the reclassify tool: How to use the reclassify transactions tool in QuickBooks Online Accountant?

 

However, this feature is unavailable if you're using the QuickBooks Online Simple Start, Essential, or Plus subscriptions. To correct the JE's accounts or classes, you'll need to update the transactions one at a time.

 

Should you need further assistance, please do not hesitate to contact me by clicking the Reply button below. I'll be glad to work with you again. All the best!

View solution in original post

1 Comment
Anonymous
Not applicable

Re: Journal Entries

Great to see you here today, @Bryce,

 

Thanks for visiting our forum. I can share some insights about reclassifying journal entries in QuickBooks Online.

 

Transactions created from a third-party platform which isn't supported in QuickBooks are imported as journal entries. If you're using QuickBooks Online Accountant version, you have the option to reclassify your transactions by batch.

 

Here's how:

 

  1. On your QBOA account, click the Go to client's QuickBooks drop-down.
  2. Choose the client's company file.
  3. At top of the Dashboard, click the Briefcase icon 💼 to access the Accountant Tools.
  4. Click Reclassify Transactions.

You can check this article to know more about using the reclassify tool: How to use the reclassify transactions tool in QuickBooks Online Accountant?

 

However, this feature is unavailable if you're using the QuickBooks Online Simple Start, Essential, or Plus subscriptions. To correct the JE's accounts or classes, you'll need to update the transactions one at a time.

 

Should you need further assistance, please do not hesitate to contact me by clicking the Reply button below. I'll be glad to work with you again. All the best!

View solution in original post

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