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Account for all uncategorized transactions faster and easier than ever before and monitor on a periodic basis.
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Uncategorized transactions in QuickBooks are transactions that have not been allocated to a particular account or category. These transactions can include (but are not limited to) expenses, income, and transfers.
If you leave uncategorized transactions as they are in your QuickBooks account, you gradually lose your accuracy in financial reporting as the number of unknown transactions increases. It makes it difficult for you to understand your financial status, cut your expenses accordingly and make the right decision. Uncategorized transactions are items you should check occasionally and assign to the appropriate categories to keep your financial reporting accurate and reliable.
LiveFlow’s Uncategorized Transactions Template helps you tick and tie the uncategorized transactions in your QuickBooks account. With LiveFlow, the template downloads and refreshes (per your preference) data of all accounting categories you use in QuickBooks and uncategorized items. You can look at all accounting items not allocated to any specific category and pick up the appropriate type from all accounting items on the ”Uncategorized Transactions” sheet.
There are some reasons you should use the Uncategorized Transaction Template:
The left side of the table (up to Column M) shows the data extracted from QuickBooks by LiveFlow, which can be refreshed whenever you want. You can choose one of the accounts in Column H corresponding to each uncategorized item. Each drop-down list in Column N contains all accounts listed on the “Mapping” sheet. You can leave your comments or notes in Column O, which help you get aligned with others on the categorization of each unknown transaction.
This sheet creates a list of all accounting categories used in your QuickBooks account. The drop-down lists on the “Uncategorized Transactions” sheet refer to the list. A formula inserted in cell B2 is designed to pull all accounts from the “Account List” sheet. You need to enter the name of the sheet containing information on your accounting items, which is, by default, “Account List”.
The table on this sheet is pulled out from QuickBooks by LiveFlow. Data in the table in Columns A and C generates the account list in “Mapping”. You don’t need to process any information on this sheet unless required.