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Missey
January 18, 2024
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Can I edit an account in the chart of accounts from an Income account to a Liability account?

  • January 18, 2024
  • 1 reply
  • 0 views

A few months ago we needed to set up an income account for a class we are offering. It has come to my attention that when the class is over we will need to pay everything to the presenter. Is there a way to reclassify the account as a liability account?

Best answer by MJoy_D

I can share some information about editing your chart of accounts, @Missey. 

 

In QuickBooks Online (QBO), you can edit the accounts in your chart of accounts. However, it's important to seek guidance from your accountant to avoid any negative impact on your accounting and reporting.

 

Here's how to edit your account:

 

  1. Go to the Gear icon (⚙)and select Chart of accounts.
  2. Find the account you want to change in the View register dropdown and click on Edit.
  3. Update the account. 
  4. Make sure to review the description of the detail type to ensure it fits your needs. If you can't find an exact match, select the one that closely resembles what you need. 
  5. Select Save.

 

Check out this article for more information about the account/category mapping in QuickBooks Online (QBO): Learn where QuickBooks Online detail types appear on your tax forms. 

 

In the meantime, here's how you can record, edit, and delete expenses: Enter and manage expenses in QuickBooks Online. 

 

Let me know in the Reply section if you need more information about your Chart of account or managing your expenses. I'm always here to assist. Have a wonderful day!

1 reply

MJoy_D
MJoy_DAnswer
January 18, 2024

I can share some information about editing your chart of accounts, @Missey. 

 

In QuickBooks Online (QBO), you can edit the accounts in your chart of accounts. However, it's important to seek guidance from your accountant to avoid any negative impact on your accounting and reporting.

 

Here's how to edit your account:

 

  1. Go to the Gear icon (⚙)and select Chart of accounts.
  2. Find the account you want to change in the View register dropdown and click on Edit.
  3. Update the account. 
  4. Make sure to review the description of the detail type to ensure it fits your needs. If you can't find an exact match, select the one that closely resembles what you need. 
  5. Select Save.

 

Check out this article for more information about the account/category mapping in QuickBooks Online (QBO): Learn where QuickBooks Online detail types appear on your tax forms. 

 

In the meantime, here's how you can record, edit, and delete expenses: Enter and manage expenses in QuickBooks Online. 

 

Let me know in the Reply section if you need more information about your Chart of account or managing your expenses. I'm always here to assist. Have a wonderful day!

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