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davidmcilveen
February 15, 2021
Question

I have multiple transactions that are in the Uncatagorized Assets on my year end balance sheet. All reconcilliations are complete- How should I fix each transaction?

  • February 15, 2021
  • 2 replies
  • 0 views
Original commenter did not share additional details

    2 replies

    J
    JamesM4
    February 16, 2021

    Hello davidmcilveen,

     

    Great job on completing your reconciliations! QuickBooks is the go-to program for small business owners looking to streamline their business. I'll be happy to share more info on this so you can continue managing your business with peace of mind. 

     

    To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on handling the transactions. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here. 

     

    In the meantime, feel free to ask other questions. I'm here to help. 

    Lourdes-Fernandez
    Lourdes-Fernandez
    February 16, 2021
    Hello davidmcilveen,

    James had great input in working with a Pro Advisor to tidy these transactions, however, I would like to share some insight.

    Before you start re-categorizing your transactions, you will need the proper asset accounts created in your chart of accounts. This is where a partnership with a Pro Advisor would be an asset (no pun intended) as there are many asset account types, and we want to ensure we make the correct accounts for the type of transactions you are recategorizing.

    Add to or edit the Chart of Accounts
    https://quickbooks.intuit.com/learn-support/en-ca/accounting/add-to-or-edit-the-chart-of-accounts/00/261383

    Once you have created your asset accounts, we can enter our Balance Sheet report and select the grand total of the uncategorized asset line item. This will show you all the transactions that make up the total. From here you can select each transaction individually, then reassign the account to the proper asset account.

    I would like to acknowledge James once again for his guidance with working with a Pro Advisor on this one again because you have mentioned your accounts are now reconciled which is great! However, all the changes to these reconciled transactions will now appear on the reconciliation report, but should not give you a discrepancy when you reconcile again as we are not changing any dollar amount.

    By partnering with a Pro Advisor we can un reconcile and re reconcile very quickly to keep the reconciliation reports clean. We also have the ability to re-categorize transactions in bulk very quickly as well to save you some time and ensure the transactions are properly categorized.

    I hope you find the additional information useful and that you're having a great long weekend!

    Kindest Regards,
    Lourdes Fernandez
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