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hi folks this is Hector Garcia I'm a CPA and an advanced QuickBooks ProAdvisor and in this video I'm going to show you how to reclassify transactions in five possible ways one we're going to be classify transactions one by one the way most people do it - we're going to refight reclassify transactions via changing the item for transactions are using an item instead of an account 3 we're gonna learn how to reclassify transactions using a journal entry the way that most accountants do it for we're going to learn how to reclassify transactions using the expenses tab or the expenses module inside QuickBooks Online which is sitting right there but it's hidden to most people because they don't know that that tool is actually used to reclassify and five we're gonna show you a hidden menu that's really only available for accountants called the reclassified transactions tool so I'm going to show you how to access that now I promise you that this will be the most productive and efficiency boosting video about QuickBooks Online you will ever watch so in exchange if you're excited about it hit like right before we get right to it alright let's jump right to it now I'm gonna use a sample file to do this reclassification so you can actually do the exact same actions at home at your office if you follow along and use the exact same procedures that I use so I'm gonna go into this link here which is a website that Intuit has that gives you two links to sample files I'm gonna use this sample file called on United States QuickBooks Online advanced I'm gonna click on that link right there and that's the sample file that I'm gonna jump in if you actually do the same you click on that link is in the description below you'll be able to access the exact same file you'll be able to follow the exact same steps so you can practice before you do it on your own file so let's get started with basically reclassifying transactions one by one so I start by going into my profit and loss I'm gonna go into reports and I'm gonna go into profit and loss and that's gonna take me to a profit and loss report which is the most common way that people start looking at transactions analyzing them before they do a reclassification now I'm going to mention something to you I actually have a shortcut menu that I created for my own in order to be faster more productive more efficient which actually contains every single module every single area every single link that can access everything inside QuickBooks Online all from the shortcuts menu so for example if I wanted to click I'll go to the profit and loss without clicking on so many things I click on my shortcuts menu right here on top and Google Chrome then I go to reports and then I go to profit and loss and that will take me straight to my profit and loss it's really the fastest way to navigate QuickBooks Online so I'll put a link in the description below somewhere to tell you more about how you can download my shortcuts menu that I built for myself in order to be more efficient anyway we're in the profit and loss I'm gonna go ahead and change the dates from this year to date to last year because as I say I'm doing an analysis I'm checking last year's profit and loss and I want to reclassify some things I might be misclassified so I'm gonna go ahead and click on collapse appear so the reports a little bit smaller and I'm also going to click on sort and we retitled them by descending order that way the profit and loss is a little bit easier to read so let's say I'm looking at my profit and loss and some transactions don't don't seem like they're in the right place so I'm going to look at miscellaneous for example and let's say I don't want to have any miscellaneous I want to put them in the right category whatever that category is so I'm gonna go ahead and click on the number so that's gonna take me to a detailed report that contains all the transactions are inside that category and I see right there that I have three transactions inside miscellaneous I'm looking at the payee name and maybe just by looking at it you're like you know what that's in the wrong category I'm just gonna click on each one of them and reclassify so I'm gonna click on this one called browse Hainan insurance agency I'll just click on the name that will now take me to the specific transaction here where it says category it's categorized under miscellaneous let's say that just by looking at it I know this is supposed to be insurance expense so I'm just gonna click on category and type the name of the account if I know it so I'll type I and s and there it is there's insurance now let's say for example I don't know the name of my accounts I can then just click on the drop-down menu and I can browse through them now quick thing I will tell you it will behoove you to memorize your chart of accounts because if you're ragazza fiying and you're spending a minute scrolling up and down trying to figure out what goes in there it's gonna take you forever so I think you should know then the name of those accounts so you can just type the first couple of letters and they'll pop right out so I'm just gonna click on insurance I effect if Lee just reclassified this bill from miscellaneous to insurance I'd have to click Save and close at the end because that's the only way to save what I'm doing so I click on save and close click on yes and don't so that did let's look at this other one Hicks Hardware I'm gonna click there and that's under miscellaneous let's say I'm I go and look for that physical bill I look at it I'm like okay that's job materials so I'll just click in there type job materials select my job materials category and then click on save and close and that would be it let's look at one more here Tim Phillip masonry let's click on that and let's also put this on their job materials ok perfect I'm likely gonna save and close so that's that was number one just going to each one and reclassify now if you only got 5 to 10 of these it's actually much faster for you to go through your P&L and reclassify but one by one but in some cases you can have things are fully wrong and you can have 10 20 transactions so if there's a lot of them there's gonna be different techniques that we can employ so let's say for example I'm gonna go into this category here called job expenses I'm gonna look at the entire amount so I'm gonna click on this dollar amount click on job expenses and then I'm looking through all of these I'm looking at them and then this eighteen hundred and seventy-three dollars the whole thing basically it's misclassified so instead of going one by one I'm gonna go ahead and do a journal entry and I just that whole thing let's say against cost of goods sold I'm not saying that's what you're supposed to be but I'm gonna go ahead and take that major category job expenses and I just the whole thing against caustic goods sold with one transaction with a journal entry so I'm gonna take this dollar amount here 1873 I'll just copy it and I'll do a journal entry so for a journal entry I'm gonna click on a new menu and then under other I should see journal entry now depending on what version or QuickBooks you have you might or you might have or not have the journal entry as a matter of fact QuickBooks in some versions they hide your entries from end users from small business owners because that tends to confuse people that's more of an accountant tool so if you don't see journal entry there you actually need to go to the link straight this is you if you have a link a button to press you have to go straight into the link so in my QBO shortcuts menu so I click on my QB or shortcuts and then I click on other functions and then it's right there journal entry so I click there and journal entry and that will take me straight into the journal entry screen even if you don't have a link for it and that's a really important thing for you to know now how do you get to the journal entry link you actually literally click on this on the URL and you type that stuff that I highlight it there so if you type that in there press ENTER it will take you to the journal entry and then you can save it in your own bookmarks by clicking on the little lock click and drag that into your bookmarks folder and there it is all you have to do is then click on it and you should be able to go straight to it without having to retype the address in there again if you want to download my shortcuts I'll put a link in the description below to another video that can explains how this whole thing works and you can just have the shortcuts and save all the time that it would be for you to build your own shortcuts menu anyway back to the journal entry so again we're going to go back into this report and as of let's say 1231 2019 we want to reclassified eighteen hundred and seventy three dollars to from job expenses to cost of goods sold so I go into my journal entry here and I'm going to type 1231 2019 so I just put that date that I want up there and then the first account is going to be job expenses and I'm using the parent category in this case and then we're gonna do a credit because we want to remove it from expenses and then we're gonna move it into cost to goods so again I'm not saying that's where it's supposed to be I'm saying that say that's what I'm deciding to do so I'm just doing a journal entry so instead of going one by one I just make an entry into my books and the entire dollar amount will be moved from one category to the next so I'm going debiting job expenses crediting cost of goods sold I'm gonna and click on save and close now what will happen is after I do that journal entry let me change to the tab here where I had my profit and loss I'm gonna go ahead and click on run report you're gonna see that now it zeros out so the transactions will still be there it won't be like reclassifying each transaction which literally makes it go away from that category the transactions will all be there but then there'll be a journal entry adjusting the total dollar amount so this is not reclassifying transactions this is reclassifying amounts and when would you choose this over the other a lot of accountants do journal entries because I don't want to touch their small business owners entries and the journal entry means as an accountant you decided to move a value from account to account keeping the original history their original transactions every that every business owner made or the actual bookkeeper made so that's why maybe some CPS would prefer to do a journal entry it's up to you I personally like to do each transaction so I don't see plus and minuses on this now I'm gonna go ahead and click on back to report summary real quick so then we can see the effects of this notice that job expenses is now completely zero now that's still gonna be on the report letting you know that there's positives and negatives adjusting down to zero so that's pretty cool so now buy any report that you see a zero that means that there's transactions in it that just net to zero so that's actually a really good thing to have so that was journal entries now let's talk about reclassifying transactions that have items in order to do that I'm gonna go ahead and create the item so you can kind of follow the logic here create the item create a transaction with an item so you can see exactly how that affects our financial statement so I'm gonna go ahead and click on the gear menu on the top right of the screen and then click on products and services I could also click in my qbo shortcuts menu here I can go to QB or shortcuts perks and services and click on item list there's two ways to get to it so once I get into my products and services list or my item list all I'm gonna do is I'm gonna click on the new button on the top right and then I'm gonna click on service I'm creating a service item and I'm gonna call this one hourly fee or something like that and then I'm gonna make this 750 and I'm going to send this into an account called on categorized income so for whatever reason I put it there and then I'm going to reclassified afterwards so you see how that works so I go ahead and click on save and close and then I'm gonna go ahead and create an invoice so I'll click on the new menu and then I'm gonna go into invoice and then I'll select the first customers here Amy's Birds sanctuary I'm gonna go to personal services and type hourly fee and then I'm gonna put here let's say a hundred hours so now I have an invoice for eighty one thousand dollars I should stand out I'm also gonna date the invoice let me date it December 30th 2019 and then I'm gonna go ahead and click on save and close so that should be really obvious in my profit and loss when I see those $75,000 toe stacks that I put in there so let me open up my back to my profit and loss report and change the date here to last fiscal or last year there it is and click on run and then I'm gonna click on collapse again and there it is a big $75,000 right there on their own categorized income so if I click on that and I'm looking at it and let's say I want to reclassify this and if I actually click on it it'll take me back into the invoice and then I won't be able to reclassify it because I can choose and I count from there so the only way let me go back to the profit and loss here so the only way to move the $75,000 from Uncategorized income into let's say for example services I would either have to do a journal entry which is an option we just saw how to do that or to change the underlying item that is going to that is gonna post into that category so what I'll do here in order to not lose the profit and loss screen here is I'm gonna go back into my item list let me do it through my QB or shortcuts products and services and I'm gonna right click and click on a new tab that way I don't lose my current report it's a matter of fact there it is I can tap there my report is still there so I can go back and hit refresh and see the effects of it now I'm just gonna close here to show you if you don't have the shortcuts many of how you would do it you would click right there on on the on the sales button on the left navigation bar and then under production services you right click there and click on new tab either way you will be able to open a new tab without getting rid of the current tab here that has a report so in the in the tab here I'm gonna look from the category called hourly fee I'm gonna click on edit so I'm gonna click on the right hand side where it says action I'm just gonna click on edit and then I'm gonna change the category from categorized income to what did I want to do it under services so I wanted to put it under services so I'm going to change this to services ok and I notice that as soon as I change the service it says here also update this accounts historical transaction if I click on that checkbox and I click on save and close QuickBooks will go back to every single transaction that had that item and changed the category including clothes periods so make sure that you're you're doing this you're very intentional and you're aware of the potential changes to your historical balance sheet and profit or loss this could make so you have to kind of know what's going on and make sure you understand that past financial statements could be changed you probably want to backup your financial statements or your reports or something like that prior to doing something like this so I'm gonna go and click on save and close depending on how many transactions it is it could take a little bit of a while of course there was only one transaction so it's not that many so I'm gonna go back into my reports here and it's still sitting here under Uncategorized but then when I click on run report it will refresh the number so the minute I click run report you're gonna see the $75,000 shifted from Uncategorized to services I'm gonna click on run report and notice what happened right there services boom $75,000 got moved from one category to the other so that was the first 3 right so we did a one by one with the journal entry and then we did changing the item let's go to the fourth one which is going into the expenses module to reclassify transaction so when I go into expenses here and then we're going to click on expenses so expenses expenses right and then only the expenses tab you will notice that this will show you by default the last 365 days worth of transactions all dumped in there so if I wanted to go to a specific account category and five transactions in there what I do is I click on filter and I'm gonna go to category and let's say for example when i recurse off' i some things on their job expenses I'm gonna click on job expenses and then I'm likely gonna apply so now currently I'm looking at the last 365 days all the transactions under job expenses let's say I only want to reclassify last year so I'm gonna go into filters again and then under date I'm gonna click last year so you can do last year last month whatever period you want to work with and then we'll click on apply and that's gonna show me all my job expenses for last year now I can also sort this report it's awesome in this screen is awesome because I can click on payee and then I can sort them all by vendor or by payee I can also sort them by type or sort them by date so depending on what you're trying to do you might want to play with these sorting options you can sort by date type payee category and turns of sorting abilities and you can click on the gear menu on the top right of that screen and also add some additional columns if you want to add a memo or a due date or status okay and depending on the transaction these things mean different things you can then sort by any of these things so the any of this stuff is relevant you can add or remove the columns from there so that's actually pretty pretty interesting now let's say for example I want to reclassify all the transactions for a specific vendor specific pay so I'll click on pay and then I got all the Hicks Hardware so I want to change all the Hicks Howard transactions from job materials let's say to cost a good sold so all I have to do is click on the first one and then I hold the shift key shift and I go all the way into the last Hicks hardware click on that and that's gonna select all the transactions from the first one I click to the last one I clicked and then I can just go into batch actions click on categorized select it and then I would select cost of goods sold select that and then click on apply and boom they're actually all gonna go away from this screen because this screen is filtering and only showing things are under job expenses it's important for you to know that you don't have to do shift-click to select them all you can also do control click or command click on the Mac so you can actually be very selective of which ones you want to reclassify so let's say I only want to reclassify this one and then skip one and reclassify the next one so I hit control on a PC or command on a Mac and then I'll click on that and then I can basically click specific the specific ones that I want to reclassify I can just check the ones that I want or actually you don't have to hit control you just click them as a matter of fact you don't even need control at all you either do shift or just select them manually so once I select all the ones that I want I can click on batch actions categorize type cost of goods sold apply and boom I could also do one by one from here without doing the check marks or doing batch actions so let's say I want to change this one to cost a good sold I just click on the on the category type cost of goods sold click on it and there's no apply or Save button so be very careful in this screen so you can just just change it once and it goes away and it moves it into the transaction they're supposed to be now because this screen is so awesome and also dangerous at the same time for some of my clients I actually disable this feature I go into the gear menu and then I click here where it says show more and then I uncheck category and basically what that allows me to do is when someone is logged in under their user they don't have the temptation or the tool to reclassify transactions from here so depending on what you're trying to achieve you might want to show or hide that column because it is so easy to reclassify something it is so easy to change something and depending on the expertise level of the person using this that might be a double-edged sword so it's really up to you do you want people to be able to reclassify things quickly or not up to you depending on on the use case so that's using the expense transactions a tool I think is great it's worth noting that under filter there's tons of other options here I can do it all by a certain payee so for example under category I'm going to change that to all but then I'm going to just pick one specific payee and I want to see all the transactions for that payee so let's let's look for that insurance company that we're looking at earlier so browse him and agency click on that on their dates I'm gonna go and click on all all dates here and then everything else leave it on home and click on apply and then I can see all the transactions pertaining to to that vendor so actually I can actually click on the two that I want to reclassify click on batch actions categorize select it and I can change it to whatever I want again I had disabled that column so here in the year menu on the top right show more let me turn where ru category again so I can see it so I notice how these are in two different completely different places so I'm gonna select it to go to batch actions categorized and put that into insurance let's say it's supposed to go into workers compensation insurance so I'll put it in that one and then click on apply so awesome tool not as powerful as the last tool I'll show you which is the accountants reclassify tool is by far the most powerful module or transaction reclassifying tool in all the entire QuickBooks Online ecosystem so to access that you actually have to know the URL because it's a hidden it's hidden from end-users and it's really just available for accountants but if you know the link you can access it directly so I'm going to go into my shortcuts menu go to qvo shortcuts go to accountant tools and click on reclassified transactions that's gonna take me into this hidden place called reclassified transaction now if you want to know the URL check out the URL up here it's right here so as long as you select let me just select the stuff that you would need to type so right here so everything that is highlighted qbo that intercom forward slash app for slash we classify - transaction if you actually type that in the URL after you're logged in it will take you into this hidden menu now if you have my bookmarks you can just you know go straight to the bookmarks and save yourself at the time that it takes to type that stuff in there alright so I'm in the tool and this is how this Tool Works so you're gonna select account types profit and loss or balance sheet so depending on what you're trying to reclassify you can pick that I'm gonna pick profit and loss here's the date date range I can pick my date range up here and I can pick the category that I want to reclassify now I'm gonna pick design income just to show you because there's some invoices here that you actually cannot reclassify because they have items and I'll show you I'll select them all and click on reclassify and I get this error see I can't change it because it contains items as I mentioned earlier you actually have to change the underlying item to be able to reclassify transactions with items so I'm not gonna have much luck with classifying invoices or sales receipts unless I change the underlying item and the account that is supposed to link to so let's look at maybe for expenses to reclassify so I'm gonna go and click on advertising and I'm gonna click on from let's do let's go back to let's say all the way back to January so we'll pick January appear and we'll find all the transactions on the advertising probably not a good idea let's pick one that has more stuff let's pick let's say one that would have more transaction so cost of goods sold is perfect so you can see all the transactions affecting cost of goods sold notice up here it will keep a record of all the filters that you're running I can click on type and change and be very specific so I'm only gonna look at the bills on their cost of goods so there's the bills or only want to look at the expenses under cost of goods so there's just the expenses or maybe I want all transaction types but I want a specific payee so I'm gonna click here and click on let's say hiks hiks hardware click on that and click on find transactions so this will allow you to use multiple filters just like the expense tab if these two tools are actually very similar but I like this one better I feel that have a lot more flexibility under this tool so I can actually select the transactions I want to reclassify so now I can click on this little checkbox here that says select all and I can click here says modify I can either modify accounts or classes those are the two types of things that we can reclassify there's no classes in this QuickBooks file that's why you really can't see that classes option but these were allowed me to choose what I want to reclassify actually don't need to select anything up here in this specific case then I'm going to click on reclassify and then I'm going to change this to Joe materials and I want to put this essay on the plans and soil so I can pick a specific category that were reclassified to click on apply and boom all the transactions get reclassified in one shot it's a really really awesome tool again it's hidden to only for accountants but if you know that URL you'll be able to to access it I'm gonna give you one more bonus tip here I'm gonna go to my shortcuts menu here and then I'm going to go into reports and then click on audit log and I'm gonna show you how to see what transactions were edited okay so in the other log I'm gonna go to filter I'm gonna select under dates I'm gonna select today and then under show only these I'm gonna click on only these and then I'll click on transactions and then I'll click on show all transactions and I click on apply and when I look at the audit log I can see under event I can see everything that says the word edited so I can see every single transaction that was edited or it was changed or reclassified whatever happens to be and then I can just literally just click on View where it says history click on view and then I can see exactly what was changed you look originally on December 31st the transaction was entered into job materials decks and patios then on January 13 it was changed to cost of goods sold and then on January 13 again a couple of minutes later it was changed to plants and soil so it's actually pretty pretty cool it lets you know what was changed and who changed it now if you want to if you don't have this my shortcuts menu and you want to go into the audit log simply you click on the gear menu on the top right and then click on audit log and that will take you straight there so anyway this video is all about reclassifying transactions boosting your productivity boosting your efficiency if you loved this video hit like subscribe to the channel this is the first of many productivity boosting efficiency posting videos I will be creating this year for QuickBooks Online and add some comments below did I miss anything what was your favorite part I would love to see thank you very much and I'll see you in the next one