Update Account with Historical Transactions in QuickBooks Online
Update your historical transactions and move them to a new account in QuickBooks Online when you change your income account for your service items!
Previously, you’d have to create a journal entry or manually move all of the transactions over to the new account. This wasn’t an issue if you just had a few items, but with larger accounts, you’d have thousands of transactions.
Obviously, that’s not how you’d like to spend your time. Now with an account change, you can click move all historical transactions simply by checking the box!
This new feature can save sellers countless hours, while still preserving reporting details. To change accounts, simply go to Sales > Products and Services. Find the Service item you want to change, and click on Edit.
Select the new Income account (can be income or expense account) and check the “Also update this account in historical transactions” box. Click on Save and close. That’s it!
Run a report on the new account to verify that all of your historical transactions made it over. Do the same for any other Service item that you want to change.
If you’re using SellerZen and want to change your accounts for your line item income and expenses, this is a quick way to reorganize your accounts in your Chart of Accounts.
Keep in mind that you’re able to rename Accounts in QuickBooks Online, and SellerZen will recognize the change. You won’t need to move historical transactions if it’s just a simple account renaming.
Take a look at this step-by-step visual below to see how to go about changing your Income accounts for your Service items in QuickBooks Online.
Before we start, we’ll take a look at the report on the old income account for this particular service item.
First, you’ll need to create a new account in QuickBooks Online.
Select the correct Account and Detail Type. Give the account a name that is descriptive. You’ll want to be able to tell what the account is for when you run your reports in QuickBooks Online. Giving it a vague name like “Expenses” will not be as helpful.
After you’ve created the new account, you’ll need to Edit your service items.
Search for the service item you want to edit or look for it on the list. Once you find it, click on Edit to change the accounts.
Select your new account under “Income account” field. A new option should appear that says “Also update this account in historical transactions.” Make sure you click on that box.
Then click on Save and close to save your new changes.
Once you’re done with the changes, you can run a report on the new account to see if your historical transactions have moved over.
The transactions have been moved over!
That’s it! You’ve moved your historical transactions over to the new account.
If you’re using SellerZen to automatically sync and import your Amazon seller transactions into QuickBooks Online, then you won’t need to make any changes. However, if you create a new service item, you’ll need to change the mappings through SellerZen’s integration.
Learn more about how to change or edit your line items on SellerZen.