GL Account added to wrong category
Posted: January 24th, 2012, 8:23 pmI have added a GL account (current liability) to the chart of accounts to the wrong category by accident (operating expenses). The chart of accounts activity (cut and paste) will not let me move the account to the proper category.
You cannot change the category of an account after it has had data posted to it, with a few exceptions. Essentially, you cannot change an income statement account (income and expense) to a balance sheet account (assets, liabilities, or capital) after it has been posted, because such a move would ruin your financial reports. New accounts that have not yet been posted can be re-categorized. The same restriction applies between liability and asset accounts.
You cannot change the category of an account after it has had data posted to it, with a few exceptions. Essentially, you cannot change an income statement account (income and expense) to a balance sheet account (assets, liabilities, or capital) after it has been posted, because such a move would ruin your financial reports. New accounts that have not yet been posted can be re-categorized. The same restriction applies between liability and asset accounts.