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AndyHowell
March 10, 2023
Question

How to change a bank account into other current assets account, detail type, investments - other?

  • March 10, 2023
  • 1 reply
  • 0 views

I mistakenly created an investment account as a bank account. When I try to change it, I get this message:

 

Something’s not quite right
This account is being used on a Check, Deposit, Payment or other transaction where an account of type 'Cash' or 'Undeposited Funds' is required. You must locate and change those transactions to use a different Cash account before you can change the Account Type of this account. To find the transactions using an Account, run an Account QuickReport, or use the Account Register.
 
I have no idea what that means. If I run the QuickReport it does not show me the account type. How can I tell if a transaction is type Cash or Undepositied Funds? Its seems like this is going to be a horrible mess. All the accounts are reconciled. Do I have to delete everything and start over?
 
Thanks, Andy
 

1 reply

DHeraV
DHeraV
March 10, 2023

Hi there, Andy.

I'm here to provide information about changing account types in QuickBooks Online (QBO). 

The option to change the Account Type is only applicable if there's no transaction linked to it. Moreover, running the Account QuickReport helps you track the transactions made in the account. 

As a workaround, you can create a new account in the Chart of Accounts. Once created, transfer the entries to the new account by clicking the transaction in Account QuickReport. Then change the account linked to the transaction to the newly created one.



However, since the account has been reconciled, I suggest consulting your accountant to be properly guided on how to handle your situation as it may affect your books.

Additionally, I'll also share this article that can serve as your reference if you want to learn how to record journal entries in QBO: Create journal entries in QuickBooks Online.


Feel free to leave a reply if you have additional queries about changing account types in QuickBooks. The Community team always has your back. Have a good one.

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