The accountant, having completed end of year for this company, has requested that three codes under P&L should be moved to Directors Loan Account. (Life Phoenix, Lloyds Health and car fuel).
Also requested that Loan (BS) needs to be reposted to Rent in P&L.
I’m lost as how to do this despite reading the forum items about chart of accounts.
I only do bookkeeping to trial balance and then hand it all over to the accountant and this is the first time with this particular company.
Just go to the transactions in the existing accounts and reallocate to the new account.
E.G. Life Phoenix to Directors Loan.
On the Summary tab, click on the balance for Insurance - Life Phoenix then click Edit against each transaction and change the account from Insurance - Life Phoenix to Drawings - Directors Loan Account then click update.
Once all the transactions have been reallocated, then you can delete the account if its no longer required.
Thank you. So easy when you know how.
You can simplify at least some of the process by using the
Find & Recode feature under
Cash Accounts. That will work only for transactions that involved the cash accounts in the first place.
Thank you. Have found FIND AND RECODE in lower corner of cash tab. Clicked on it and filled in current account detail. Got list, highlighted, of only the relevant items. At bottom of page is has a box for Acount and have presumed this is the new one I want to transfer to. Then there is a box labelled TAX. Would I presume to leave this blank? Do I have to do every page? Is there a step-by-step guide - have tried looking?
You’re on the right track. Use the tax field if the new transaction is subject but the old one was not. It seems like the type of transaction you mentioned would not be subject. But you can also edit afterwards.
You need to select every transaction involved with a specific reallocation.
Thank you - have found the step-by-step guide which is great. All changes now accomplished successfully.