Move equity (BS item) to P&L

I have monthly item in Equity (BS) - originally advised (somewhat vaguely) by owner of business that this was a loan.
I entered each month with a journal.

Accountant has asked that ‘loan’ be reposted to ‘rent’ (P&L)
Is it safe to just rename that item in each journal?

If by rename you mean change the Account used from Loan to Rent - yes

Thank you - that’s what I meant and seems to be doing it ok.