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M
mcahoa
May 10, 2024
Question

Why are QB ACH fees associated with invoices coded to a Fund Class recorded as unspecified?

  • May 10, 2024
  • 1 reply
  • 0 views
How can I get them coded same as the invoice transaction fund class?  Is there a way to correct a large quantity of unspecified ACH fees?

1 reply

J
JamesAndrewM
May 10, 2024

I appreciate all the details. Having these fees coded the same as the invoice transaction fund class is a great idea. I'd share my thoughts about this matter. 

 

It might be a working design that they are recorded as unspecified because they are fees from QB Payments, and the payment processing fees are not directly linked to a specific customer, job, or fund class when recorded.

 

If you want to, you can only configure the expense account, not the class. However, you may also utilize the reclassify feature in QuickBooks Online. The feature is only available in QuickBooks Online Accountant and QuickBooks Online Advanced. It allows you to change the expense account for billable expenses and the class for invoices, sales receipts, checks, or bills with items (products or services) on them.

 

Once the feature is enabled, here's how to reclassify:

 

  1. Select Profit and Loss from the Account Types dropdown menu to see income and expense accounts. Or select Balance Sheet to see your asset, liability, and equity accounts.
  2. From the Account list, select the account with the transactions you want to change.
  3. Use these types, class, customer/vendor, and modify filters to filter the list. Then, pick Find Transactions.
  4. Choose the checkbox for each transaction you want to change and click Reclassify.
  5. Choose a new account to move the transactions to from the Change account to dropdown, a new class from the Change class to dropdown, or a new location from the Change location to dropdown.
  6. Click Apply.

 

For additional information, check out this article: Reclassify or move multiple transactions in QuickBooks Online Accountant and Advanced. 

 

If you're using a lower version, you may consider upgrading your QBO. Refer to this link: Upgrade or downgrade your QuickBooks Online edition.

 

By taking these steps, you can save time and make the same changes to multiple transactions at once. If you have more questions about reclassifying transactions in QBO, post them here in the forum. I'll be sure to answer them ASAP!

M
mcahoaAuthor
May 11, 2024

We are a small HOA with a subscription to Quickbooks Plus online.  Apparently our subscription does not entitle us to utilize the Reclassify of multiple transactions. Is our only option to adjust these one by one?

The option of Reclassifying accounts doesn't appear to work for us. We have two different categories of operations in our Association and have established two Funds, each pertaining to a separate category of revenue and expenses.  When we send invoices pertaining to one Fund Activity and our Members use the QB ACH payment option we would like to have the resulting fee's coded to the same fund as the invoice.  This is a fairly simple concept and booking procedure.  The fact that it is not part of the QB "working design" is similar to another issue we have identified pertaining to QB ACH payments; (i.e., when Members select ACH payment we get an invoice notifying us that payment amount is on the way but the notification does not reference the Member name, or invoice#).

Any additional input would be appreciated. 

thanks

David

 

K
KimberlyS
May 11, 2024

We appreciate you getting back in the thread, mcahoa. I'm here to add insights and clarifications regarding your concerns with reclassifying fees and invoice payment notifications.

 

In QuickBooks Payments, we can only assign an expense account for fees. The option to automatically assign a class for incoming fees is currently unavailable. Therefore, fees show under unspecified classes as QuickBooks automatically recorded them within your file without any classes yet. With this, you can only assign a class to each fee manually.

 

On the other hand, it's indeed beneficial if invoice payment notifications include customer names and numbers. Therefore, I recommend sending feedback directly to our product engineers. Your suggestions can be considered when working with future product updates to ensure they can meet different business needs. Here's how:

 

  1. Head to the Gear icon.
  2. Select Feedback.
  3. Share your comments or product improvement ideas.
  4. Click Next to submit.

 

You can keep updated on your product requests through this website: Customer Feedback for QuickBooks Online.

 

Moreover, you might want to review this article for guidance to gain valuable insights from your business transactions, which you can utilize in planning your finances accordingly:

 

 

Please keep us posted if you have additional questions when managing your invoice fees or other related concerns in QuickBooks Online.

We'll be around to help.

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