Before I fully understood that certain Balance Sheets Accounts were control accounts and not just stand alone accounts I made some changes which I now can’t reverse, e.g.
I edited “Fixed Assets” to a different name and assigned it to a Asset Group. Subsequently I learnt that that account was directly related to the Fixed Asset Tab. So I reversed the account name but now find I can’t unlink it from the Asset Group, nor can it be deleted for obvious reasons - its a control account
So this has raised the following point: Such Control Accounts could/should have some warning box during the edit process about their status as a control account and their direct relationship to a TAB.
The renaming of a control account in its self shouldn’t be a problem as I renamed “Cash at Bank” a quaint historical accounting term to “Bank Accounts” and depending on the upcoming changes perhaps to “Bank Account/Credit Card”
Anyhow during the cause of writing this topic I deleted the Asset Group and this unlinked the related accounts so now its just a matter of re-creating the Asset Group and re-linking the applicable accounts
PS: haven’t checked the guides but maybe they also could included relevant comments
@tgtart, changing the name of a control account should have no effect on its function or appearance. I have renamed several of my control accounts, and they all appear as before, but with new names. The only way I can tell they were control accounts is that the Chart of Accounts settings page shows their original titles in gray. Can you provide more information?
All I know is that after I changed the name of the inventory account my sales invoice transactions do not show up under Income anymore. I just did a test----If I issue a Credit Note–the transaction is listed in Income but not if I issue an invoice. Maybe something is up with invoicing?
I just did several more tests in invoicing and in Credit Note. Invoices do not show up on my Summary page but Credit Notes do.
I checked time period—it is 1/1 thru today and invoices and credit notes were done with today’s date.
I have to leave the office for awhile–I will do another invoice later and then check Suspense.
Thank you so much for trying to help me!
I’m having an identical problem. Under the “Special Accounts” tab, I have a number of accounts that previously used to be standalone accounts that I could organise under “Chart of accounts”. I have now decided that I want to go back to how it was originally, i.e. I want all the accounts under “Chart of accounts” and not use the Special Accouts feature. However, I can’t find an option that would allow me to do so. Any help would be greatly appreciated. Thanks.
I did not create the Special Accounts. I created the accounts under COA. I think some time back, I was checking out the new control feature and converted these standalone accounts into special accounts and the transactions moved along. I can’t remember how I did it. What I can remember for sure is that I did not create corresponding duplicate accounts under Special Accounts and did not manually edit the transactions to move from standalone account to Special Account.
Is there any I can reverse this process without having to manually adjust each of the affected entries?
When you say “Special Accounts” do you mean by using the Special Accounts tab.
As far as I am are aware you can’t convert (move) a standalone COA to become a Special Account.
However, if you created Custom Control Accounts and then nominated sub-accounts to that Custom Control Account then you just need to undo that nomination.
EG if under Cash Accounts you had a petty cash, bank and credit card sub-accounts and these use to all appear on the Summary under the Assets - Cash & Cash Equivalents account, but subsequently you changed the credit card to appear under a separate Summary account, then you need to edit the credit card sub-account and change the Control Account nomination
For account code, it can be used but it is optional and actually account code is not the main requirement for preparing a Chart of Account. There are many ways for grouping without using an account code as facilitated by this manager application.
There are some advantages to using codes as it can make searches much quicker. So once like us you use codes why not apply them to all as in any Chart of Accounts. I agree with the comment by @Joe91 about why one would change names of Assets and Liabilities, but that is actually also the case for Equity which actually is editable.
If changing the account name does not result in changes in structure or anything, why can Equity be changed, while Assets and Liabilities cannot be changed ??? I choose to use capital letters for all my account names.