Is it possible to correct a bank account ‘type’ classification.
Somehow a bank savings account has appeared as a Merchant and Online Payment Service Accounts.
I’m not sure if it was my doing in error but the type box in options and settings is permanently greyed out and does not allow reclassification.
Is there any simple way around this problem?
A bit of a faff but worth fixing.
How to re-code to another nominal ledger!
A restriction that can occur is if you have run the “Year End Process” these journals need deleting so that the transactions are “open”. After doing the moving of the account re-run your “Year End Process” journals.
Create another bank account in “Banking” in “General Bank Accounts” for your savings account.
After the “new” savings account under the correct bank classification has been created go to;
Reports >
Chart of accounts >
Assets and Liabilities (near the bottom of the report) >
open the mis-categorised “Savings” account > ensure the date range covers all transactions >
this needs to be done in two moves
go to Search and pick the Debits only / Credits only (two moves)
Move to new code; > lookup your correctly classified savings account and move the transactions to that account
If you created the original mis-categorised bank account with an opening balance then the above method also requires one additional step - refer to the “Opening balance” journal and amend to the new bank savings account.
After following these steps you should see your savings account under the correct classification with the same balance that was showing in the “old” mis-categorised bank account.
Re-run your “Year End Process” journals.
Last move - delete the mis-categorised bank account…and finished!
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As you have only recently joined Quickfile you will not yet run any “Year End Process” journals and should find the “Move to new code” available without that step.
Hope that you understand the steps that are required, but I wrote the instructions from using Quickfile for more than seven years.
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Thank you Alan.
That worked really well, and exactly as you instructed - the problem is sorted!
The only comments I have are firstly, I found that I could actually insert the ‘old’ opening balance while creating the ‘new’ reserve account (did not have to do it at the end), but I could not insert the account numbers etc until the ‘old’ account was deleted - as this flagged up as a duplicate account.
Secondly, deleting the old account could not be done until the saved ‘tags’ had been removed. This was straight forward enough as it only required an edit of the tag links to the new account!
Furthermore having carried out the procedure I can see how it all makes absolute sense - though I would never have figured it out from first principles.
Thanks again for taking the time and trouble to help me out on this.
It’s much appreciated!
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