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Author
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Topic: Moving Account from Equity to Expense
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FN_User
Member
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posted 01-19-2005 12:58 PM
 
We post unrealized gains & losses to an expense account called Profit and Loss during the year. Somehow, we accidentally created last year’s account as an equity account instead of an expense account. We tried to move it by dragging it in the Chart of Accounts, but get error “Can’t move accounts across classes.” Do we have to delete everything and reenter the transactions?
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fni_support
Moderator
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posted 01-19-2005 12:59 PM
Thanks for the question.Yes, it is true that you can’t move an equity account to an expense class. The good news us that you don’t have to reenter the transactions either. Just change the account for each transaction. Here’s how: - Backup your data.
- Print a Transactions by Account report for the Profit and Loss account. Be sure to include the entire year – Jan-Dec.
- Create a new account Profit and Loss Expense, this time as an expense account.
- Go to the Transaction Activity screen for each account on the report
- Change the Account in each incorrect transaction from Profit and Loss to Profit and Loss Expense.
- Print a Transactions by Account report for the Profit and Loss account again. Verify it has no transactions.
- Print a Transactions by Account report for the Profit and Loss Expense account. Verify the transactions are correct (they should match the other report) and the totals are the same.
- Delete the Profit and Loss account. Since it now has no transactions and no balance, FN will allow you to that.
- David
FN Support [This message has been edited by fni_support (edited 01-19-2005).]
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