The ability to mass change the account coding of transactions is extremely useful. A few all-to-common scenarios might be (1) you are the new controller at a company, and the old team's chart of accounts is a mess, (2) you have added a new GL account or class that previously wasn't needed, and now you want to go back and update the past year's transactions for comparative purposes, or (3) you are about to start a NetSuite implementation, and you'd like to change the coding on transactions before migrating your data.
In QuickBooks Online, reclassifying transactions in mass is included with the 'Accountant Tools' functionality. Not all users can access this (which is annoying, in my opinion). However, in this blog post, I will walk through how you can give yourself access through the 'Accounting Firm' user license.
First, set up the requested user as an accounting firm in your account. You can find this under the 'Manage Users' page (see below screenshot). In the past, I've used a secondary email of my own.
Once the user has accepted the invite, log into the account. The home page will look like this. Click on the 'Go to QuickBooks' dropdown at the top and select your QB file:
From here, you should now see a dropdown menu called 'Accountant Tools.' Hover over this page and click 'Reclassify Transactions.' From here, you can select accounts and classes to mass select and change transactions.
With this functionality, your team will save time clicking into every transaction one at a time! Way to utilize technology to make your job easier as an accountant.
Suppose you or your accounting team are preparing for a NetSuite implementation and need to reclassify transactions from QuickBooks to NetSuite. Contact intheBlk consulting today. Our tools allow us to quickly and easily reclassify transactions based on logic statements, preventing the need for your team to do this manually. We've helped many clients move from QuickBooks to NetSuite and are experts in both systems.