Changing the Account Type of a General Ledger Account
Does anyone know if it's possible to change the value in the Type column on the Chart Of Accounts screen after you have already created the GL Account?
Since different Account Types (Asset, Liability, Income, Expense) could be storing their values differently behind the scenes, I could see how it would be dangerous to change it for an existing account.
But I have one that I would like to change. I'm just a little nervous to do it.
This is the field that I want to change:
You can change the Type on a GL Account, but only if there aren't any existing posted transactions for it. There might be some unposted journal entries which is fine, but any posted journal entries are a problem.
If you try to change the Type for a GL Account that has posted activity, you will get the following error message:
You cannot change the selected GL Account type because transactions for this GL Account already exist.
If you need to change the Type for a GL Account that has activity, I think the best way is to uncheck the Active box for the GL Account to deactivate it. Then create a new GL Account with the correct Type. Also, you can rename the number in the Account column so you might renumber the old (now inactive) GL Account to a special area of the Chart of Accounts and then use the old GL Account number on the new GL Account.