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QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Hey there, nshnider1.

 

Welcome to the Online Community. I can help make sure you’re able to change the category from transfer to expense.

 

When modifying the transaction type, you’ll need to tick the radio button from Transfer to Add to see the Select Category box. From there, click on the drop-down and choose the correct Expense type where you want to post the transction.

 

To give you more insights about the process, check out this article: Assign, categorize, edit, and add your downloaded banking transactions.

 

I've attached screenshots of what categorizing transaction will look like following these steps.

 

Let me know if you have additional questions about working in QBO. I'll be glad to answer them for you. Have a great rest of your day.

 

image.png image.png

 

Community Explorer **

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Hi 

I am  a newbie at quickbooks and in general accounting for that matter. I understand that you label as transfer if you are transferring between business accounts. But I do not have a business credit card, so I need to put it into my personal Debit or Credit Card. At that time do I do as an Expense, is that right?

QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Hello there, @newtoaccounting.

 

Thank you for joining this thread and choosing QuickBooks as your accounting partner. I can help you enter your transactions in QuickBooks Online (QBO).

 

Yes, you're correct. You can add them as an expense and choose your personal Debit or Credit Card on the Account field. I'll be happy to guide you through the steps:

  1. Click the Plus icon.
  2. Choose Expense.
  3. Select a payee.
  4. Choose the Bank/Credit account.
  5. Enter the important details.
  6. Click Save.

For your reference, you can also check this article: How to enter, edit, or delete expenses.

 

That's it. Click the "Reply" button if you have follow up questions about expenses. I'm always here to help you out. Have a wonderful day!

Community Explorer **

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Thank You for quick reply . I will contact if I have more questions, which I am pretty sure will have more 

QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Welcome back to the Online Community, new accounting.

 

I appreciate you letting us know that my colleague @HoneyLynn_G responded to your question. I'll let her know about your comment.

 

For a quick overview on how QBO can help you efficiently manage your business, I’m adding a link to our online tutorials: QuickBooks Tutorials.

 

You can also visit the QuickBooks Blog site to learn the latest news about the product and get some tips on how to run your business seamlessly.

 

Please know that the Community is a one-stop shop for help about QuickBooks, and you can post anytime if you have questions. Wishing you continued success.

 

Community Explorer **

A new Question

I wanted to know how to enter an NSF transaction. So it was a preauthorized payment and due to insufficient fund the item came returned and charged NSF Fee and  the payment was cleared in couple of days . HOw do I mark all these lines when adding in quickbooks?  I saw articleas when vendors check is not cleaared. here my check/pre auth is not cleared. Should I submit this as new question?

Community Explorer **

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

 I have a question regarding Transfer between business accounts. What I did (may be wrong) Under bank account 1 under banking I added the transaction as transfer to bank account 2 the amount was sent from 1-2. Same thing I added the transaction as transferred from  acct 1. and reconciled both the account. But I see that there are these transactions are still sitting under banking. 

QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

I got that, newtoaccounting.


You’ll want to leave the check as is then record the bank fee (follow scenario 1).


With regards to the bank transfer, you did it correctly. While for the other transactions still in the Banking page, they are your downloaded transactions to be added, matched or excluded.


Here is an article that would help you manage downloaded bank transactions.

 

Reach out to us if you have further questions. Have a good one!

Community Contributor **

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

The cheers need to go to lynda  and anyone reading this post should be direct to the fact that he was trying to a 'non-accounting' procedure.  That is having transfers show up on PNL's.   The user should be directed to entering the transactions as expense categorized items, in the credit card account then making a payment this payment will show up as a Balance Sheet Reduction.

Not applicable

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

How do you do this in bulk? If 20 or so items came in on the Bank page from American Express and we’re all labeled as transfer. How can you change them in bulk to add

QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

Hello there, @Shb1.


Thanks for reaching out to the Community. I’m here to share some information about changing the category to expense by batch in QuickBooks Online. 


At this time, the option to modify the transferred transactions in batches is currently unavailable.  You have to edit them one at a time and move the radio button from Transfer to Add in order to see the Select Category box. 


Once done and the Action column shows Add, click the Batch actions drop-down and choose Accept Selected. This should add the transactions to your register in QuickBooks.


For more information, take a look at this article: Assign, categorize, edit, and add your downloaded banking transactions.


Please check out the screenshots shared above for visual reference.  


That should do it. Reach out to me if you have any other concerns, I’m always here to assist you. Wishing you and your business continued success!
 

Community Contributor **

Re: Reclassifying a Transfer to a Expense in QuickBooks Online

--- Deleted Content - answered wrong post
Not applicable

Re: Reclassifying a Transfer to a Expense in QuickBooks Online. I have already done a reconsile. How do I fix this now

 
QuickBooks Team

Re: Reclassifying a Transfer to a Expense in QuickBooks Online. I have already done a reconsile. ...

Thanks for joining this thread, @Allen69.


Let’s straightened out your records by classifying the transactions to the correct category.


If the reconciled data are bank transfers, delete and recreate them as expenses in QuickBooks. Before proceeding, keep a copy of the transactions by printing the list or exporting them in Excel.


Just select the Printer icon in the upper right hand or click on the Export icon. If you already have the information handy, let’s go ahead and remove the transfers.
rest4.png


Here’s how:

 

  1. From the left panel, click on the Accounting menu and select Chart of Accounts.
    rest.png
  2. Choose the bank where the transactions are recorded, then hit the View register link to open the list.
    rest1.png
  3. Open each transfer one at a time and hit the Delete menu to remove it.
    rest2.png

Next, go to the Expenses page to record the data. Once done, you can start reconciling the account.

 

However, if these are expenses, go to the Expense Transactions window to re-categorize them.

 

  1. On the left panel, select  Expenses.
  2. Mark the boxes of the expenses you're working and click the Batch Actions drop down list.
  3. Pick Categorize selected.
  4. Choose the category you want, then hit Apply.
  5. Then reconcile the transactions.
    rest5.png rest6.png

Stay in touch if you have questions while working in QBO. I'm here ready to help you. Wishing you the best.

 

Community Contributor **

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