MoneyWorks Manual
Edit
Changing the Account Type
Sometimes when setting up your chart of accounts, accounts are set up with the wrong type (e.g. income when it should be expense). You can change the types of accounts once they have been created, however there are certain restrictions.
Note: Changing your account types once you have been using an account may have unpredictable side effects (for example, your reports will probably come out differently). Therefore this feature should be used with extreme caution.
The restrictions applying to changing the account types are:
- Non-balance sheet accounts (i.e. of type income, sales, expense or cost of sales) can be freely changed to another non-balance sheet account type;
- The account type for balance sheet items (i.e. Current Assets, Current Liabilities, Fixed Assets, Term Assets, Term Liabilities, Shareholders Funds) may be changed to any other balance sheet account type;
- A balance sheet account can only be changed to a non-balance sheet account if its balance at the end of each financial year is zero. Similarly an income or an expense account can only be changed to a balance sheet account if its balances are zero at the end of each financial year. If this were not the case, changing the account’s type would change your profit for the year;
- The account types for System Accounts (Accounts Payable, Accounts Receivable, GST Paid, GST Received, Bank and Profit & Loss) cannot be changed;
- Any non-system account can be changed to a bank account, but once changed, cannot be changed again.