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Author Topic:   Changing short liability to asset
FN_User
Member
posted 10-16-2001 03:15 PM     Click Here to See the Profile for FN_User     Edit/Delete Message
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
posted 10-16-2001 03:25 PM     Click Here to See the Profile for Renee   Click Here to Email Renee     Edit/Delete Message
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:

  1. 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.

  2. Go to Accounts | Change or Delete Account Name. Select the liability account.

  3. In the New Name box, type in the new asset account name. Select OK.

  4. When the dialog box "Change ABC SOLD SHORT to ABC SHORT SALE?" comes up, select OK.

  5. When the dialog box "Delete ABC SOLD SHORT and reassign transactions to ABC SHORT SALE?" comes up, select OK.

  6. When the dialox box "ABC SOLD SHORT was deleted. x transactions were reassigned to ABC SHORT SALE" comes up, select OK.

  7. 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
posted 01-19-2005 03:03 PM     Click Here to See the Profile for fni_support     Edit/Delete Message
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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