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clemm
June 14, 2024
Question

Changing the account type of an existing account

  • June 14, 2024
  • 1 reply
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I am using QuickBooks Desktop Enterprise Contractor, and I am looking to change the account type on an account from "Other Expense" to just an "Expense" account type. Depreciation Expense was set up many years ago as an Other Expense account, but moving forward I'd like to make it a general Expense account.

 

First, am I able to simply change the account type like this? Secondly, what are the impacts? Will all past transaction move with it? 

Is it best to just create a new account and start fresh? Any insight or experience here would be appreciated.

1 reply

I
Irene R
June 14, 2024

Hello, Clemm. I'm here to help you modify your account type in QuickBooks Desktop Enterprise.

 

Yes, you can change your account type from Other Expenses to Expenses. With that, your past transactions will go along with the changes. To configure one's account type, you can follow the steps below:

 

  1. Go to the Lists menu, then choose Chart of Accounts.
  2. Look for the account you want to configure and right-click on to edit.
  3. Select Edit Account.
  4. Update the Account type by clicking on the drop-down icon.
  5. Once done, select Save & Close.

 

Furthermore, if you wish to consolidate all transactions, you can simply change your Account type. However, if you prefer to have a separate account to track future transactions, you can create a new account type. Moreover, I highly suggest seeking advice from your accountant on this matter.

 

If you don't have an accountant, you can utilize this page to find one that suits your business needs: Find a QuickBooks ProAdvisor.

 

Moreover, you can go over these materials that discuss working and modifying one's account type in QuickBooks Desktop:

 

 

In addition, to review your accounts in your QuickBooks Desktop account to ensure the balance between your real-life bank and credit card statements, learn how to reconcile your accounts: Reconcile an account in QuickBooks Desktop.

 

Let me know if you need further help to change your account type in QuickBooks Desktop, Clemm. The Community will be at your service 24/7.

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