Forum Discussion

Nincha's avatar
Nincha
Experienced User
2 months ago

reclass account type

Hi , 

Can we re-class Expense account to Cost of Sales account? We have multiple Financial Years closed 

Thank you,

 

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator

    Hi Nincha

     

    If an account is already set as an expense account, you can't change it to another type of account directly. It's best to create a new account with the desired type and then inactivate the old account. For proper handling of values from previous financial years, it's advisable to consult an accountant.

     

    Feel free to create a new thread if you need any other help.

     

    Thanks,
    Genreve

    • Nincha's avatar
      Nincha
      Experienced User

      Thank you Genreve,

      Yes we consulted the accountant, and we would like to keep this account as it has historical records, however, it was mistakenly set up initially as an expense when in reality it is actually our cost of sales. Is there nothing we can do to re-class it as Cost of Sales?

       

      Thank you,

      Kind regards,

      Nina

      • Doreen_P's avatar
        Doreen_P
        MYOB Moderator

        Hi there Nincha,

         

        There's no way to reclassify the Expense Account to the Cost of Sales account, especially when there are transactions or historical records already. 

         

        Best regards,

        Doreen