My balance sheet has an item called Life Membership reserve. It appears as a current liability but should be a reserve (ie an equity account). How do I change it?

Hi @richardpricenet,

If this account in question has no transactions saved in it, then changing its account type is a straightforward process.

Follow these steps:

1. Click the Accounting tab.
2. Search for the Life Membership reserve account.
3. Tap the drop-down menu right under the Action column, then choose Edit. 
4. Change the Account Type to Equity.
5. Change the Detail Type as you see fit. 
6. Hit Save and Close. 

Otherwise, I suggest you speak with your bookkeeper or accountant on how to clear the account in question clear. You'll need to remove any transactions saved on the account before you can change the Account Type, so it won't mess with your books. 

I also suggest you take a look at this article: Manage default and special accounts in your chart of accounts. It lists default accounts generated by QuickBooks Online (QBO). It lets you know which ones you can delete or merge, along with the steps to do it. 

Hit the Reply button if you have other questions about the Chart of Accounts in your QBO company. I'll get back to you as soon as I can.