Which of the following statements is correct of the Reclassify Transactions tool in QuickBooks Online Accountant?...

Which of the following statements is correct of the Reclassify Transactions tool in QuickBooks Online Accountant?

Only transactions on an accrual basis can be changed
An account and/or class can be changed
Journal Entry transactions cannot be changed

Solutions

Expert Solution

Correct answer:

Option(b) or an account and/or class can be changed is the correct answer because the reclassification help to find and correct transaction entered in wrong account and classes in the clients' s book. You can not use the bills or invoices that contain the account payable and account receivable.

Incorrect answers:

Option(a) or only transactions on an accrual basis can be changed in incorrect answer because the bills or invoices that contain the account payable and account receivable can not be reclassified or changed.

Option(c) or journal Entry transactions cannot be changed is incorrect answer because reclassification transactions tool in QuickBooks Online help to find and correct transaction entered in wrong account and classes in the clients' s book.

So correct answer is option (b)

ekkarill92 answered 1 year ago

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