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Buy nowMy client's business is an hvac services company (LLC). Bases on his p&l, I would like to reclassify the account name from gross recipes to service income because the mapping in quickbooks is wrong.. Many invoices are mapped to gross receipts starting from 2021. Can I take the total and make a journal entry of each month for the 2023 books from gross receipts to service income? For 2021-2022, it's just as it is since the tax has already been filed?
I can share information about reclassifying transactions in QuickBooks Online (QBO), charm25.
The ability to reclassify transactions is exclusive to QuickBooks Online Advance and Accountant. Ensure you know which transactions you want to reclassify.
You can check this article for more information: Reclassify or move multiple transactions at once.
However, If you're using a different version, you can edit your transactions one at a time. I'll show you how:
Additionally, you may want to explore upgrading your QBO subscription to QBO Advanced. This way, you can utilize the reclassifying tool. These allow you to save time and modify multiple transactions simultaneously.
Keep your posts coming if you have additional questions about reclassifying transactions. I'm always here to help. Have a great day.
"Can I take the total and make a journal entry of each month for the 2023 books from gross receipts to service income? For 2021-2022, it's just as it is since the tax has already been filed?"
Yes, you can make journal entries for each month: debit Gross Receipts, credit Service Income. It won't be any issue with tax returns since you're just reclassifying from one income account to another income account,
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