Is there any suggestion/solution for a mistake we made when creating the new chart of account in a wrong nature (group). The new account was supposed to be “receivable” but our accountant made mistake to create is as “payable”. By now, we already made a quite number fo entries.
It is now required to edit the said account from “payable” to “receivable” . Does anyone offer us any help to do it wihtout losing or having to delete all the inputs.
Thanks.
You can edit the account to change it’s group, if that’s what you mean.
Select Settings, Chart of Accounts and Edit
If you mean you have transaction which were posted to this account and should have been posted to a different account, then you will have to edit each transaction.
It isn’t clear from your post what the error was
@Joe91 thanks for your suggestion.
Error was the creation of a chart of account with wrong group “Payable” instead of “Receivable”. In fact, it should have been “Receivable”
Per you suggested, is it that easy that if I go to chart of accounts and edit the group from “payable” to “receivable”. I have checked, I don’t suppose such edit is possible.
Rgds
you should recreate everything from scratch since you have to input sales invoices in order to create a correct starting point of accounts receivable
It isn’t clear but I think she/he only wants to rename and/or change the position of the accounts on the Balance Sheet.
Perhaps if the Summary Page or Balance Sheet was posted we could see more clearly
Accounts Receivable and Payable are normally accounted with sales or purchase invoices (you can also do some adjustments with journal entries but I don’t think it’s the actual problem). If they wrongly inserted purchase invoices instead of sales invoices they can only delete them and start from scratch.