In accounting, there are chances that multiple transactions are posted under the incorrect ledger. For Example, you have a vendor called Cal Gas and Electric that provides electricity. By mistake, all the expenses have been classified underwater expense instead of Electricity expense. It will be a cumbersome process in sitting and editing every single transaction. We have a savior in QuickBooks. In QuickBooks, there is a feature called Client Data Review (CDR) that enables one to reclassify multiple transactions at a time in QuickBooks. The CDR tool is available under the Accountant Menu in the Accountant Center. Prior to this CDR tool, you would have to sit down and pass a journal entry for each transaction reducing the water expense and increasing the Electricity expense. But with CDR this reclassification can be done with great ease. In this article, we will essentially guide you on how the reclassification of multiple transactions can be done in the QuickBooks.
Related Article: How to Move & Reclass Multiple Transactions in QuickBooks?
Following are the steps that will enable to reclassify the multiple transactions in QuickBooks.
- Open Client Data Review (CDR) tool under the Accountant Menu from the Accountant Center.
- Open the reclassify transactions dialogue box and select the date range for which you want to reclassify the transactions.
- From the view drop-down list, select the types of account that you wish to review for reclassification.
- On the left panel, you will see the chart of accounts selected, while on the right panel you will see the transactions associated with that account in that date range.
- Under the name drop-down list select the name of the vendor, employee, customer for which you wish to review the transaction. All the transactions with the said vendor or employee within the specified date range will be displayed below.
- By default, the Show transaction drop-down list will show only those transactions that can be reclassified using this feature.
- Check on the include journal entries check box.
- As you will make changes in the filters in the reclassify transactions, the displayed transactions will be refreshed automatically.
- You can select all, deselect all or select the specific transactions that you wish to reclassify.
- For the selected transactions select the proper ledger under which you wish to reclassify the same.
- Review the reclassification done and select on reclassify.
- Press the Esc button on your keyboard or click on the X button to close the window.
The reclassification process is complete. You may print a report to see that the reclassification has been effected properly or not. Also, it would be noteworthy to understand that only non-item based transactions can be reclassified with multiple transactions at a time. For item-based transactions, it is still mandatory to reclassify each transaction. If you are facing any problem in reclassifying the multiple transactions in QuickBooks kindly get in touch with our QuickBooks ProAdvisor Support team on our Toll-Free number ✆+1-800-796-0471.
Our Scope of Services:
- 365 days working and 24X7 availability.
- A pool of trained professionals who are a pro is solving QuickBooks related errors.
- Prompt response and immediate solution.
- 100% resolution.