I accidentally entered a number of transactions as expenses and they should be assets. The bills have been paid and cleared the bank. What is the best way to move the transactions? I am using QB Desktop Pro.
I want to make sure this is resolved, however, I need some clarification with the problem. What type of entries are they specifically for?
The program currently don't have a direct way to convert expenses to assets as these entries affect different reports (Profit and Loss/Balance Sheet). Also, an expense is an outflow of cash in your books while assets are resources owned by the business.
What should be done here is to simply delete the expense and record it correctly under Assets. However, since the amount already cleared the bank, you can resort to an accounting professional to get the best accounting advice on how to handle this type of situation.
You can also use journal entry transactions to make the adjustment. Here's how:
From the Company menu, select Make General Journal Entries.
Enter the accounts you want to use. If you're unsure, seek an accountant for help.
Make sure the debit amount is the same as the credit side.