Reclassification (accounting)
A reclass or reclassification, in accounting, is a journal entry transferring an amount from one general ledger account to another. This can be done to correct a mistake; to record that long-term assets or liabilities have become current; or to record that an asset is now being used for a different purpose.Example
A $500 purchase of office supplies was charged to building maintenance by accident. The correcting entry would be:
Office supplies Dr. $500
to Building maintenance... $500
