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Which are two open issues that you can view from the transaction review tab?

Published in QuickBooks Transaction Review 2 mins read

The Transaction review tab in QuickBooks Online serves as a vital tool for identifying and resolving data discrepancies, ensuring your financial records are accurate and complete. Two common open issues you can view and address through this tab are uncategorised transactions and transactions without payees.

Understanding the Transaction Review Tab

The Transaction review tab is designed to highlight transactions that have missing or incorrect information. It acts as a crucial checkpoint to ensure all data is properly recorded before finalising your books. This feature helps users quickly identify entries that require attention, such as those that QuickBooks automatically flags.

Key Open Issues on the Transaction Review Tab

QuickBooks specifically flags several types of transactions that need review. Here are two prominent examples:

Uncategorised Transactions

When transactions are imported or entered into QuickBooks, they need to be assigned to a specific account or category (e.g., Sales, Office Supplies, Rent Expense). Uncategorised transactions are those that have not yet been assigned, leaving a gap in your financial classification.

  • Why it's an issue: Without proper categorisation, your financial statements (like the Profit & Loss or Balance Sheet) will not accurately reflect your income and expenses. This can lead to incorrect financial reporting and potential issues during tax preparation.
  • Resolution: Users must manually review and assign an appropriate category to these transactions based on their nature and purpose.

Transactions Without Payees

A payee is the person or entity involved in a transaction, such as a vendor, customer, or employee. Transactions appearing without a payee mean that this critical detail has not been recorded in the system.

  • Why it's an issue: Identifying the payee is essential for tracking relationships with business contacts, generating detailed reports on spending or earning patterns, and accurately preparing tax documents. Without payee information, it's challenging to get a complete overview of who you are doing business with.
  • Resolution: Users need to input or select the correct payee for each transaction, ensuring complete and detailed financial records.

By regularly reviewing and resolving these flagged issues in the Transaction review tab, businesses can maintain accurate and organised financial data, which is crucial for informed decision-making and compliance.