Skip to main content
K
kafort76
June 24, 2022
Solved

Update Account Type

  • June 24, 2022
  • 2 replies
  • 0 views

I am trying to change the Account Type for our Realized Gain/Loss account, per our accountant.  However, it it grayed out.  I have another company with the same name that it NOT grayed out...

Best answer by BigRedConsulting

I suspect you're actually editing a "special account" set up by QuickBooks.  In the Equity category, the only one I know of is the Opening Balance Equity account. When I edit mine, the type can't be changed.

 

You can check by exporting your chart of accounts to an IIF file (File | Utilities | Export | Lists to IIF...)

 

Then open the resulting IIF file in Excel or a text editor.  Locate the row with your Realized Gain/Loss account account and see if that row contains the key word OPENBAL, which will be in the EXTRA column. If so, then that's why you can't edit the account type.

 

In this case, create a new account to use and then edit the transactions that use the old one to use the new one.

2 replies

C
ChristineJoieR
June 24, 2022

Hi, @kafort76.

 

Thank you for reaching to us  and share the error you encountered. I'm here to share some insight and help you resolve this function in QuickBooks Desktop.

 

Since you notice possible data issues or if you've done your research and suspect data destruction. Follow these steps to resolve minor data issues in your company file.

 

  1. Go to the File menu, then hover over Utilities and select Rebuild Data.
  2. On the QuickBooks Information window, select OK. Follow the onscreen steps to save a backup.
  3. Let the tool repair your file. 
  4. When the tool finishes, select OK.
  5. Go to the File menu. Then hover over Utilities and select Verify Data.
  6. Let the tool check your file for data issues.

 

Once you have verified the error, you need to rebuild the company file to fix the any damage detected:

 

  1. Choose File, Utilities then Rebuild Data.
  2. Choose rebuild data option. After that, select OK tab to close all windows.
  3. Next, create a backup file before rebuilding the company file and click OK. 

 

For more details you can refer to this article for you additional guide: Verify and rebuild data in QuickBooks Desktop.

 

Optionally, for more details on how to resort lists in the COA, items, or classes list, you can refer to this article: Re-sort lists in QuickBooks Desktop.

 

Want to run financial reports? Come back here and I'll show you how to do it in QuickBooks Desktop. Have a great day ahead.

 

 

K
kafort76Author
June 27, 2022

I think you misinterpreted my issue...  I have 2 separate companies.  Both have the same account name - Realized Gain/Loss.  With one of the companies, I can easily change the account type.  The other, I can not.  The one that I need to change was originally set up as "Equity".  It's grayed out and I can not change the account type.

Tori B
Tori B
June 27, 2022

Thanks for getting back to us, @kafort76. 

 

To clarify, was Equity already chosen for this account, and you noticed when you tried to change the account type, that option was greyed out? If this is correct, then this is how the software is designed. The option is greyed out to let you know it's already been selected. 

 

However, when you mention that you can not change the account type, are you getting an error message when selecting a different account type other than Equity? If so, what error are you receiving? Could you provide a screenshot of the error? 

 

If you're not receiving an error message or the Equity account type has not already been selected, you'll need to follow the guided steps my colleague provided above. This way, your company file can be scanned for any possible data damage and be resolved using our Rebuild and Verify tools. 

 

I'll be sure to keep an eye out for your reply and look forward to chatting with you soon. Take care! 

BigRedConsulting
BigRedConsultingAnswer
June 29, 2022

I suspect you're actually editing a "special account" set up by QuickBooks.  In the Equity category, the only one I know of is the Opening Balance Equity account. When I edit mine, the type can't be changed.

 

You can check by exporting your chart of accounts to an IIF file (File | Utilities | Export | Lists to IIF...)

 

Then open the resulting IIF file in Excel or a text editor.  Locate the row with your Realized Gain/Loss account account and see if that row contains the key word OPENBAL, which will be in the EXTRA column. If so, then that's why you can't edit the account type.

 

In this case, create a new account to use and then edit the transactions that use the old one to use the new one.

Terms & ConditionsAccessibility statement