The main reason you may want to edit a GL account is to fix an error or renumber (so that the account is displayed in a different spot on the Income Statement or Balance Sheet). Once the change is made, it is as though the old GL information did not exist. For example, if you change the description of a GL account from “Training” to “Education,” it’s as though the “Training” description never existed (even in closed accounting periods). If you want to retain the old information, then deactivate the account and create a new one.
agrē allows you to change a balance sheet account — an Asset (1), Liability (2), or Equity (3) account — to another balance sheet account. You can also change an income statement account — a Revenue (4), COGS (5), or Expense (6, 7, 8, 9) account — to another income statement account. However, you cannot change a balance sheet account into an income statement account or vice versa.
Caution
If you change a non-reconciled account to a reconciled account, the last reconciled balance is set to the account’s starting balance and all transactions are marked as not reconciled. If the account was a reconciled account at one time, the last reconciled balance is restored to its last known amount, and the transactions since that point are flagged as not reconciled.
To edit a GL account
Navigate
to General Ledger > Manage
> Chart of Accounts.
The Manage Chart of Accounts window opens.
From
the Chart of Accounts list, select the account to edit and then click
Edit.
The Edit GL Account window opens.
Edit the data in the GL account.
Click Save.