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cmiars_hvac
July 23, 2024
Question

Changing an Item Type and forcing historial transactions to update

  • July 23, 2024
  • 1 reply
  • 0 views

I am working on the problem of removing customer deposits / retainers from "sales".  I am setup for deposits according to this article record-retainer-deposit .  The only issue is that I had my Item setup for Customer Deposits as a "Non-Inventory Part".  I have changed the Item Type to "Service" and would like to "kick off a recalculation" on older transactions so that my sales don't include all of the invoices I created before the item change.  Is there some way of asking QBO to recategorize historical transactions?  I guess my other option is to create a new item and manually change the invoice lines from the old to the new (item).  Any help is appreciated.  I know others have been struggled with this task, so any advice is welcome.

1 reply

I
IrizA
July 23, 2024

I can think of some ways so you can reclassify your transactions in QuickBooks Online (QBO), cmiars.

 

If you're using QBO Advanced, you can reclassify multiple transactions. However, if you're in QBO Plus, Essential, or Simple Start, you need to manually reclassify the transaction by going to your Chart of Accounts (COA) and locating the transactions.

 

Here's how:

 

  1. Go to the Transactions menu at the left navigational panel, then choose Chart of Accounts.
  2. Choose the account, then click View Register.
  3. Select the transaction that needs to be reclassified.
  4. Under the Account column, click the dropdown and change the account selected.
  5. Once done, press Save.  

 

To move the balances of your transactions, you can create a Journal Entry. By doing so, it's best to contact your accountant for accurate recording of transactions.

 

Additionally, it's best to change the account where the transactions will be stored. Doing so will exclude your sales from the invoices you've created before these changes. Kindly follow these steps:

 

  1. Go to the Sales menu and choose Products & services.
  2. Find the name of the item, then press Edit.
  3. Scroll down and locate the Income or Expense account dropdown alongside the Sales price/rate field.
  4. Choose the account according to your preference.
  5. It's best not to select Also update this account in the historical transactions checkbox, as it will add and allocate the transaction to the same account as the new transactions.
  6. Click Save and Close.

 

Furthermore, you can also set up and assign customer types in QBO to group your customers into different segments.

 

I'll be around to help you, cmiars. Please don't hesitate to let me know if you want to share additional information or questions about changing an item type and updating its historical data.

C
cmiars_hvacAuthor
July 23, 2024

@IrizA  Thank you for your response.  I am on QBO Advanced.  I was able to apply to historical transactions but the results were not what I wanted.  I am trying to remove deposits/retainers from my Sales and Sales Tax reports.  I have a setup accounts and items similar to this link record retainer or deposit .  Even when I record transactions with all the information updated, I still get the deposit added to the Sales totals.   Any advice for removing deposits/retainers from Sales totals?

S
Shania_C
July 23, 2024

Hello there, @cmiars_hvac.

 

Let me share some information about your concern about removing deposits/retainers from your Sales and Sales Tax reports.

 

Changing the income account for product or service items should have an impact on your transactions. Since it didn't update your entries, I suggest changing it to a different account and then switching it back to the correct one.

 

If the issue persists, I recommend refreshing the tab and logging in and out of your QuickBooks account.

 

Moreover, if you need to track your best-selling items or the total sales for each product or service, you can refer to this article on how to use reports to review your sales and inventory status. Also, here's a guide on how to add sales taxes to your products and services.

 

Please click the Reply button if you have any other questions regarding removing deposits/retainers from my Sales and Sales Tax reports. I'm more than happy to help. Have a great day ahead, @cmiars_hvac!

 

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