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Author
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Topic: Changing short liability to asset
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FN_User Member
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posted 10-16-2001 03:15 PM
I have several short sales on the liability section of my balance sheet. I've decided that I'd rather see them as a contra-asset. I tried to move them but found out that you can't move an account from liabilities to assets. What can I do?
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Renee Member
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posted 10-16-2001 03:25 PM
You are correct, you can't move an account from one class to another (such as from liablities to assets). Here's what to do:
- For each short sale liability account, create an asset account with a slightly different name. For example, if the short sale liability account is ABC SOLD SHORT, you could create an asset account called ABC SHORT SALE.
- Go to Accounts | Change or Delete Account Name. Select the liability account.
- In the New Name box, type in the new asset account name. Select OK.
- When the dialog box "Change ABC SOLD SHORT to ABC SHORT SALE?" comes up, select OK.
- When the dialog box "Delete ABC SOLD SHORT and reassign transactions to ABC SHORT SALE?" comes up, select OK.
- When the dialox box "ABC SOLD SHORT was deleted. x transactions were reassigned to ABC SHORT SALE" comes up, select OK.
- Select Cancel to return to the Financial Navigator desktop.
------------------ Renée Trudeau Financial Navigator Int'l Manager, Technical Services
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fni_support Moderator
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posted 01-19-2005 03:03 PM
Just to be clear: You can't move accounts from one Class to a different Class, even with the steps listed above. You could use the steps above to move an account within a Class. But it is much easier to just drag the account to where you want it to go. However, there is a way to get all the transactions from an account in one Class to an account in a different Class. See the Forum post Moving Account from Equity to Expense. This post shows you how to relatively easily change each transaction, which is easier and less error-prone that reentering everything. - David FNI Support
[This message has been edited by fni_support (edited 01-19-2005).]
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