When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions.What might have happened?Your client used the Reclassify Transactions toolSomeone imported these transactions and their reconciliation status directly from ExcelYour client added the transactions through Bank Feeds, using an item that posted to the wrong accountYour client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add

QuickBooks provides a facility to reclassify transactions from one account or class to another. This…

Answered: When reviewing your client's Profit and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions.

What might have happened?

Your client used the Reclassify Transactions tool

Someone imported these transactions and their reconciliation status directly from Excel

Your client added the transactions through Bank Feeds, using an item that posted to the wrong account

Your client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add

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