 QuickBooks Online 2022. Change account categorization to other expense. Get ready because it's go time with QuickBooks Online 2022. Here we are in Albury. Git Ray Guitar's practice file. We set up with a 30-day free trial holding down control. Scrolling up just a bit to get to that one to five percent currently in the home page otherwise known as the get things done page. Business view as compared to the accounting view. If you wanted to change to the accounting view it is something you can do by going to the cog up top and going down to the switch to the accounting view down below. We will be toggling back and forth between the two views either here or by jumping into the sample file which is currently in the accounting view. Let's go back on over and open up a few tabs to put reports in. Go into the tab up top right clicking on it duplicating the tab up top. Go into the tab to the left right clicking on it again duplicating it again and we're going to focus just on the two tabs here because we're really looking in to the profit and loss report noting that if we were to jump on over to the example company as those are thinking the reports would be located on the left hand side in reports. If we go back on over to the business view the reports are located in the business overview area reports on the left hand side closing up the hamburger. I'm going to open up the P and L the profit and loss the income statement because that's where our major focus will be this time. Let's do the range change. This one I'm going to do the year to date 0101222 123122 and run it go to the tab to the right and let's do this again going to the business overview we're in the reports closing up the hamburger. I'm going to open up the profit and loss again this time just looking at the current month going up top to do that ranging of the changing 020122 to let's say 123122 so this is going to be starting out we haven't entered much in the second month of operations yet. What we have entered however is this interest paid item and the gains item down below. Let's go back to the income statement tab on the left hold control scroll up just a bit you'll note that the income line items are up top and then of course we've got cost of goods sold and then the expense items and then down below we have the other income and we could put other expenses down here so this stuff down here is where you want to put items which aren't basically part of kind of like your normal operations that's why we put the gain on the sale down here so that we can have our normal operations net income and use this number as our basic projection to think about into the future now we could also do that we might decide to do that you may not but you might decide to do that with the interest expense or interest paid item because you might be saying hey look that's a financing thing and if I didn't have a financing problem or a need to finance then that wouldn't be part of my normal operations so you could make the argument that I would like to move that down to other expenses so let's chest that out I also want to take a look at the fact that I have this interest paid which I don't think is a really good term for it because it should be interest expense given the fact that it's possible for you to have a crude interest and then you haven't yet paid just like it's possible for you to have rent that has a crude which you have not yet paid but should be recognizing at the point in time it was incurred so I'd like to change the name of that notice when I entered the data into the system I didn't make another account called interest expense resulting in two accounts that are very similar interest paid and interest expense because that invites me in the future to post things to the two accounts and get mixed up between the two of them what I would like to do instead is adjust the account that is currently in place if there's one I can adjust and then and or delete the you know the the account or at least make inactive that account if I'm not using it so I would like to make this then interest paid and I'd also like to move it down here so it's basically at the bottom so I've got my subtotal of net operating income not including the interest item okay so to do that I'm going to go to the tab to the right now this is another area anytime you're working in the chart of accounts in my opinion the the business view is not the is not the view for this this is where I think the business view is way too restrictive at this point of time QuickBooks might change it but the business view or the chart of accounts would be located in the bookkeeping item and let me just show you what I mean by this if I go into the chart of accounts and then I'm going to close up the hamburger and then if I was to go down to like my expense items down below for example and I was going to look up that interest paid interest paid item which is right here and if I wanted to adjust this this item I can go to the drop down I can edit it but instead of giving me that nice edit field to change where I can make changes they've got this quite restricted format where I can't do much of anything changing the categorization or anything like that so at least not as as easily it's kind of an interview type of process so what I'm going to do is I'm going to close this back out and switch to the accounting view by going to the cog up top and say let's go to the accounting view where we got a little bit more capabilities and here we go before you switch to the accounting view you could yell at the business view a little bit and say what in the world are you thinking into it with why can't I do this this is insane and then you know get a get some water little coffee and then switch to the accounting view and then we're going to go back down here and we're going to go we're in the expenses down below expenses so here the here they are now we're going to have possibly a bit of a problem given the fact that the expenses category is they're using as a these other accounts are subcategories so it's going to be a kind of an issue for me to change the type here because I got these other accounts that are linked to it so let's see what it'll tell me when I try to do that these other accounts down below business loan interest credit card interest mortgage interest you might want to break those out separately but again they're just they just kind of threw these accounts in place to have an all-purpose chart of accounts in other words if it was a business you might not have a mortgage interest and the credit card interest and loan interest possibly you would want them in one account so so in any case let's go ahead and first let's say what if I tried to adjust it here by editing we could see the difference in the editing field I could try to change this I could say what if I wanted to change this to other expense putting it at the bottom of the income statement and then amortization so they have it as amortization I would call it other expense or something like that maybe I'll just go with other miscellaneous expense and then interest paid I don't like interest paid I want it to be called interest expense because paid would mean would indicate that I paid it and that's not necessarily the case you don't really need a description here but whatever we'll keep the description doesn't doesn't add too much so we're going to go ahead and save that and see what it says changing the type or detail on the account may affect your accounting reporting and that's okay because we're not deleting the data the data will still be here so I'm going to say okay and it says you cannot change the type and account with sub accounts that's what I would expect to happen so I'm going to go back in and I'm going to go into these sub accounts I got to get rid of these I don't really want these sub accounts they're not really helping me I just got to get them off of the interest paid account so I can then change it so I'm going to go in and say I'm going to make now we have the ability to make them inactive we can't just delete them so I'd like to make them inactive so what we want but before we do that I do still need to make it not a sub account and inactive and then I also might want to change it just to basically change the name just so that if there's any list or something that has it on that if I don't want to use this account that it won't basically show up on a list of an account that I'm going to be using so I got to go into each one of these and say okay I'm going to edit this item and then I want to make sure it's not a sub account so take it out of the sub account so it doesn't mess up my ability to change the sub account and then I might want to change the name to like zzz or something like that so it puts it at the bottom of any list that I might make and I might want to change it to like an other expense so like it'll put it at the bottom of the list so I'm trying to indicate hey I'm not using this account so I'm going to go ahead and save it and I'm going to say there's nothing posted to it so I should be okay to do that because there's nothing posted in it it's not going to cause any change to it and you want to be careful of doing this of course if there was something posted to it simply moving the account won't delete the transaction but uh but um you you want to be but obviously you want to be careful when you're moving the account so I'm going to scroll all the way down it takes me back up to the top every time we do this which is kind of tedious I'm going to do this with these two again I don't need these two accounts so I'm going to edit this one I'm going to make it then I'm going to make it a a it's not a sub account I want to make it not a sub account is the point and then I'm again I'm going to call this a zzzz for zzzz this time and I'm going to make it an other expense to try to put it at the very bottom of the statement so I'm going to save it and close it and then okay let's do it one more time I'm going to go down to that last one it takes me up to the top again which again is kind of tedious it would be nice if QuickBooks kept you where you were at before so you don't have to scroll back down each time but that is what it is so we're going to go down and we're looking for office interest interest paid mortgage interest I don't need that one either so I'm going to go into it and edit it and then I'm going to put this into once again other expenses and like five zzzz so zzzz and then I'm going to save it and say okay for sub accounts I gotta I gotta get rid of the sub account that was the point get rid of the sub account okay and then I'm going to move it all the way down to the I'm going to go all the way down to the bottom to see these three so now they should be located down here and then I'm just going to make these two accounts I'm going to make them inactive so I'm going to hit the drop down I'm going to say make it inactive and say yes and then I'm going to go all the way down to the bottom again and I want to make that other one inactive so it doesn't show up on our list so I'm going to say make it inactive make it inactive yes and then one more time I'm going to go all the way down again make those inactive and if it's inactive it should it doesn't show up on this list but sometimes it still shows up on some of the drop downs and when you're entering data into the system when and that's why I like to make the zzzz thing so it doesn't it doesn't try to confuse you when you're entering data now you could still find those accounts if you were if you wanted to make something inactive and then activate it later you could go then to the include inactive items and then you could see your inactive items down down below once you've added them let's do that again we're going to go to the cog I'm going to say include inactive items and then if I go down to the bottom of this thing I see it's actually on the next item if I go next there's our three deleted items or made inactive items let's go back to the previous I'm going to I'm going to go back to our active items up top by hitting the cog up top I'm going to make them active so or just show the active items close up the cog hold down control scroll up just a bit one two five percent now I can finally go back into my to my interest account scrolling way down again to find it we're in the expenses area so expenses meals and we're looking for interests meals legal interest there it is okay so now I can edit this let's go ahead and edit it and this one I would like to move down into other expense and I'd like to change the name from interest paid to interest expense expense and then I'm going to save that it's going to move this one this one has something recorded in it but it's not going to delete what's recorded it's just going to move it to the other location so I'm going to save it and that should work now let's go and notice in the chart of accounts if you scroll down it's going to it's going to move it down because it's in order by the account type so it's not in the expense category anymore these are all the expense categories it's in the other income and then way down in other expense down here down below now if I go back on over to my income statement this is the year to date income statement and run it holding control scrolling up just a bit we can see now it's in we've got the income line items and the expense line items it's not in the expenses area in anymore but it's down here in the other expenses so we've got the other income and other expenses so we can kind of close these up and I can say okay this is my income from my normal operation or net income from my normal operations then I had my other income which is income that's not part of normal operations the gains in this case and then we have the other expenses which are my financing expenses which aren't really part of my operations but are kind of financing options now notice that these two drop downs are a little tedious you could try to shorten this up by just using other income or other expense which you might want to use other income because that means that the income would be positive and then I could put this up there possibly as a negative amount so it would be other income and expense items would be negative so let's just see that real quick it can make your income statement a little bit a little bit shorter a little bit less long which could be a virtue in terms of the income statement so we're going to go then let's go back in here and let's say if I find that interest I could try to say let's make it an other income line just to see what that would do so I'm going to go into the drop down and say what if I just want to make other income I don't need two other categories down there I'll just put everything into other income it'll show up as a negative let's save it and close it and it's going to give me a warning again I'm going to warn you do it and see what happens we'll see what happens I'm going to do it let's go let's run it hold control scroll up just a bit and then if I go down below now you've got this one category it's a little offnamed because you would you would like it to be called other income slash expense but now you've only got one drop down and then the expenses are showing up as a negative number income as a positive so you still come up to the to the same result on down below seven thousand eighty one eighty five so that you could do that to you that might be a preferred for some people make it a little bit one less subtotal and let's go back up top I'm going to change it back though I'm going to change it back to the other way so let's change it back and go down again this is going to be an other income now so we're in expenses and then we've got the other income and so let's go down to this interest I'm going to change it back to an other expense edit it again and change it to the other expense other expense and then okay it says gives you the the red warning I'm warning you I'm warning you that you do this there will be repercussions that's what the red exclamation means so then if I go back down we got the same the same bottom line number here and then we've got these two categories other income and other expenses so no real change in terms of the overall trial balance hopefully that so we don't really need to take a look at that again it's just it's just a category change just a category change we did this time