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Is there an easy way to reclassify credit card charges from Accounts Payable to a credit card liability? Right now the client's purchases via Visa are going into A/P, however we have a separate credit card liability account set up where those charges should go instead.
I'm here to help you reclassify your credit card charges, Lana.
You can use the reclassify tool in QuickBooks Accountant Online for most of your transactions. However, there are specific accounts and features that are already being tied up that you can't reclassify.
Here's an article that you check out for more information: Reclassify or Move Multiple Transactions At Once.
You can also visit these helpful articles in case you want some references.
If there's anything that you want us to help with, let us know so we can help you.
I have been trying to use that "reclassify tool", however I must be doing it wrong because it is taking each entry I try to reclassify and reclassifying from the expense account (expense) to the Arvest Visa payable account (liability) rather than from the Accounts Payable account to the Arvest Visa payable account which is my objective. Help!
Thanks
Lana
Help has arrived, @Lana.
Allow me to share information about reclassifying charges from the Accounts Payable account in QuickBooks.
When reclassifying events, especially A/P account to the newly created one, QuickBooks uses its default A/P account. This is the main reason it goes back and unable to move to another account.
Instead, create a Journal entry to get this done. You can assign or transfer those amounts from your Accounts Payable account to the Arvest Visa payable account. Here’s how:
You might want to visit this article to learn more about QuickBooks Online Accountant features, tools and its uses. It contains complete instructions on how to handle them.
I’ll be happy to help if you need any further assistance with modifying accounts or anything else. Have a good one.
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