QuickBooks is one of the most popular accounting software. It is intuitive, user-friendly, and loaded with many helpful tools and features. One of the most important features of QuickBooks is the QuickBooks chart of accounts which is a list of all your company’s accounts.
Uncategorized is a category used to keep track of the transactions that haven’t been assigned an account on your charts. Previously titled, Ask My Accountant, Uncategorized now serves the purpose of labeling transactions in question.
To ensure efficiency in your bookkeeping, it is important to review and audit uncategorized transactions in your accounts. Here are a few ways QuickBooks bookkeepers near you keep their transactions accurate and organized.
How Do I Find Uncategorized Transactions?
Follow these steps to find the list of uncategorized transactions in the QuickBooks application.
- Go to the left navigation bar
- Select ‘Chart of Accounts
- Under the ‘Accounting tab’, find an account named ‘Uncategorized Incomes or Uncategorized Expense’
- Click ‘Run Report’
- A Quick Report tab will open. You can now view all the transactions in the account
By identifying what transactions remain uncategorized, you can optimize your business’s bookkeeping. It is important for a business to know precisely where their money goes. Account analysis becomes much clearer and more accurate when all transactions are accounted for.
How Do I Categorize the Transactions?
Steps to categorize the transactions that appear in the account.
- Go to the ‘Banking’ page and select the ‘Review’ tab
- Select the checkbox for every transaction to which you wish to allot the same payee, location, category, or class
- Select the first holding to downshift then select the last row
- Select ‘Modify Selected’ from the dropdown menu
- Use the appropriate fields to assign all the selected transactions
- Click ‘Apply’
QuickBooks bookkeepers near you work diligently to ensure that their client’s bookkeeping stays organized and accurate. More than just keeping records, Virtual Jeannie offers clients other bookkeeping services to help maintain business financial transactions.
How to Reclassify Uncategorized Income and Expenses?
Try these steps to ensure classification is correct for account’s income and expenses.
- Go to ‘Reports-Custom Reports-Transaction Details’
- Set the appropriate date range
- From the appropriate filter box, select account
- From the dropdown menu, select multiple accounts
- Check off the uncategorized income and expense accounts
Edit Transactions Recorded as Uncategorized Expenses
Follow these steps to make changes to records to create the new uncategorized transactions.
- Go to your left navigation bar and select ‘Expenses’
- Click the ‘Category’ column
- Scroll down until you find the ‘Uncategorized Expense’ category
- To open a transaction, double-click it
- To view transaction details, click Online ‘Banking Matches’
- Add/assign the Vendor name
- Edit or change the account
Virtual Jeannie Bookkeeping Services is a trusted QuickBooks bookkeeper in Sonoma County that offers QuickBooks setup, training, and consulting. We are committed to helping businesses get the most out of QuickBooks Online. To learn more, call (707) 664-1425.