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northamericansignal
July 15, 2024
Question

Changing Account Type

  • July 15, 2024
  • 1 reply
  • 0 views

I originally set up a line of credit as a checking account.   I want to correct that now and change the account type to "Other Current Liabilities" the way I should have to begin with.  When I try to do that, it says that this account is being used on a check, deposit, or payment and I have to fix that before I can change the account type. 

 

I've went through all of my categorized transactions since the beginning of 2023 and clicked undo; there are 1000's!  I'm apparently still missing one but can't find it.  Is there a quick way to find that specific transaction so I can undo it and allow this change?  I've debated on disconnecting the account and reconnecting it but not sure if that will red flag the incorrect transaction.  I'm about to pull my hair out on this.

1 reply

M
Mark_AG
July 15, 2024

Hi there, @northamericansignal.

 

I understand how challenging this situation can be, and I’m here to help you correct the account type for your line of credit.

 

To change the account type from a checking account to Other Current Liabilities, you'll need to ensure that all linked transactions have been reclassified or undone. Given you've already undone thousands of transactions, let's focus on finding the remaining ones efficiently. By running a Transaction Detail by Account report, you can efficiently find the transaction that needs to be changed.

 

Here's how:

 

  1. On the left menu, navigate to the Reports section.
  2. Search for Transaction Detail by Account in the search bar.
  3. Customize the report period from the beginning of 2023 to the current date.
  4. You can also Filter the account type to show only the incorrect account.
  5. Look for that transaction inside the report.

 

After that, you can now undo the categorization and reclassify that one transaction to your preferred account type.

 

Additionally, if you want to reclassify multiple transactions at once, you can consider consulting your accountant to have them do this function. They have the right accountant tools to make this kind of change.

 

Please don't hesitate to come back here on the community page if you have additional concerns about reclassifying transactions in QuickBooks Online. We're here to help you every step of the way.

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