A common mistake made in QBO is using the transfer button in the bank feeds for the “uncategorized asset”. This video will teach you how to properly make a transfer in the bank feeds. Transfers are used for making credit card payments or moving money from one account to another.
How to clean up uncategorized assets in QuickBooks Online transfers
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About the Author: Steve Chase
Steve Chase grew up in Dayton, OH but now calls San Antonio, TX home along with his entrepreneur wife, Erin, and their 4 sons. Steve founded Sequentia Solutions in 2017 to help small business owners grow their business with practical and effective solutions. Steve's #1 Clifton StrengthsFinder skill is Learner which comes in handy while he teaches others how to best use various business software applications like QuickBooks Online and Excel. Steve is an active volunteer leader with the Boy Scouts and treasures the lessons he learned while participating in Scouts as a youth on his path to Eagle. Steve enjoys drinking coffee, a good book, visiting art museums, and doing math problems using a brand new sharpened #2 pencils.
Hi Steve, i hope you can help me.
I have a problem with a uncategorized asset , in 2020 appear 3 differents transactions , they are transfers, the company did one , and received two.
They are reconciled.
And now the amount is negative. I received the QuickBooks this year and honestly i don´t know how to fix it and obviously this affect the balance sheet with a negative amount.
i really appreciated if you can help me, i already read all the blogs and communities.
You can run the balance sheet and change the dates to all dates. Then click on each of the 3 transactions and edit it so it goes to the correct account. Now you can only change a transfer to a balance sheet account like owners equity or a liablity or another asset account. If the transactions were supposed to be coded to an expense account then you would need to do an offset journal entry to uncategorized asset to the correct account to zero out the uncategorized asset account.