Move equity (BS item) to P&L

1

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.

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

2

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

3

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