How to clear my uncategorized asset chart of account

I can guide you in clearing that, theopoldinen-gma.

When your online banking transactions are downloaded, there are times that QuickBooks is unable to figure out how to automatically categorize them. In this case, the program will assign the Uncategorized Income/Expense/Asset account to the amounts you've received and paid. To fix this, you'll have to undo the added transactions and then categorize them properly. Here's how: 

1. Go to the Transactions or Banking menu.
2. Select the Banking tab, then choose the appropriate bank account.
3. Click the Reviewed tab.
4. Locate the uncategorized transactions, then select Undo from the drop-down arrow in the Action column.
5. Go back to the For Review tab, then recategorize the transaction.
6. Once done, add or record the transition as a transfer.

To avoid this from happening in the future, you need to tell QuickBooks Online how to categorize the transactions. So, if you ever see Uncategorized Income, Expense, or Asset in the Category or Match column, you should select the appropriate account.

Additionally, here are some articles that you can browse to help manage and organize your Chart of Accounts:

• Manage default and special accounts

• Use account numbers

• Create subaccounts in your Chart of Accounts

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

Hi theopoldinen-gma,

Hope you’re doing great. I wanted to see how everything is going about your concern last week. Were you able to clear the balance? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

Hi,

I am fairly new to QBO and my nephew just started an auto shop business.  I am trying to help him get his first balance sheet to be correct to file his return in April 2022.  The opening entries that someone else did in QBO seems to be incorrect and it is not showing the correct net income and balance remaining in the bank.  I don't have the paper with me to tell you exactly what the entries are.  I can join this later and give you that.  I guess what I am trying to say is I see uncategorized assets and uncategorized expenses.  These are the 2 that need to be fixed I believe for the balance sheet to be correct.  Or at least closer to being correct.  Can you help?

Thank you Lisa

Hello there, @Lisa Di Cristo. Welcome to QuickBooks Community!

When banking transactions are downloaded into QuickBooks Online, the system can’t always figure out how to categorize the transaction. QuickBooks might assign amounts to Uncategorized Expense and Uncategorized Assets.

To avoid this, you need to tell QuickBooks Online how to categorize the transactions. Let me show you how to put them in the correct category. Here's how:

1. Go to the Banking menu and select the tile for the account you want to review.
2. Click the Categorized tab.
3. Press Ctrl+F and enter Uncategorized Asset/ Expense. This will help you find the transactions that are categorized under this account.
4. Click the link to open it.
5. Under the Account column, select the correct account. 
6. Click Save and close. 

 In case you need to change or move a transaction to a different account, follow these steps to undo or unmatch it.

Here's an article that helps in handling your banking transaction in QBO: 

• Categorize and match online bank transactions in QuickBooks Online. 
• Reconcile an account in QuickBooks Online. 

Also, when you run a Balance Sheet report, make sure to customize it correctly. You can also check this article for additional reference: What is a Balance Sheet report?

Please let me know how it works for you. The Community is always here to help if you have any concerns with QuickBooks. Take care and stay safe, Lisa Di Cristo.

Thank you I will be working on this for the next few days 

I had a feeling it was QBO that made those into uncategorized asset and expense. 

I just want to change those to the correct categories so the balance sheet will be correct.  This way his tax return for the business can be done on time.

Definitely will reach out again if I still think it doesn't look right.

I should have done this from my personal email and not my job email.  I will not get any replies until I come back to the office on Friday this week.

Is there a way to change the email so I can get it in my personal email since this doesn't have to do with my job it is for my nephews auto business

Lisa 

Thanks for getting back with the Community, Lisa Di Cristo.
 

I can certainly understand how an ability to change the email address associated with your Community account could be useful and have submitted a suggestion about it as of today.
 

You can also submit your own feature requests while signed in.
 

Here's how:

1. Visit Intuit's Feedback webpage.
2. In the I want to tell you about section, choose Web Site Suggestions.
   
3. Use your Here is my suggestion text box to detail the request.
4. If you'd like to, enter your name in the Name field and specify your email in the E-mail Address field.
5. Select Submit.
   

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. You can stay up-to-date with the latest news about your products by reviewing Intuit's Product Updates webpage.
 

If there's any additional questions, I'm just a post away. Have a great day!