Change GL from Income statement to Balance sheet

I have created a new expense nominal ledger account and now wish to move it to the balance sheet. How can i do this?

When you create the nominal code you will need to set the category as “Assets and Liabilities”. This will create a code in the 0-2999 range and any balance here will feature on the balance sheet.

If you’ve already created a code on the P&L and posted to it you can just journal the balance over once you’ve created the new BS code.

Thanks that was where I was heading. What is stopping me from creating a B/S Account and then modifying the original entry to change the debit from the P&L account to the B/S account. Did try this but it was not keen to
Dr B/Sheet
Cr B/Sheet

Thanks for the quick turnaround.

There shouldn’t be anything stopping you from doing that. It depends how you entered them originally, I’m guessing they were entered on purchase invoices? In which case you should just be able to modify the category in the purchase invoice form.

Glen, you would have thought so but it is not possible as the balance sheet as the balance sheet account does not display. Via the Purchase invoice method you cannot post the DR to the B/S and a CR to the B/S. Would be very useful.Especially if you are trying to account for reimbursable expenses that should not be sitting on the Income Statement.

When you say reimbursable - do you mean through a grant, or something similar?

I incur expenses on an ongoing basis during the month that I then include on my monthly invoice to my client. So during the month i capture the expenses ideally into the Balance Sheet. So my accounting entry is DR B/S Reimbursable expenses, CR directors Loan Account. when I Invoice I CR sales with the value of the reimbursement. So i now have a Dr and a CR the same value. So i pass a Journal Dr Sales and CR Reimbursable expenses. Sales are now reflected correctly, reimbursable expenses go to zero and none of these expenses sit in my income statement. Hope that helps.

Ok, that is what I have done. Next question, using the image upload Purchase functionality are all GLs B/S and I/S available for selection? As a B/S account I created does not appear. Thanks

I only see one BS code you’ve created and it appears on the drop down selection when manually creating purchases from the Receipt Hub or the main purchase entry screen. What is the name/number of the code?

BTW best to post new questions on separate threads, otherwise the thread becomes cluttered with many topics and is not of great use to others.