Forum Discussion

TAGCRU's avatar
TAGCRU
Contributing User
5 months ago
Solved

Revising Chart of Accounts

My company's Chart of Accounts has not been reviewed for a number of years.  I would like to make some changes to its structure to bring it in line with an industry standard. 

I understand I can easily change Account Name details.

Can I also change Account Numbers? 

Would these bring forward the past transactions that have been allocated to this account? 

Would the old Account Number become available again?

 

For example:  Currently have "6-0030 Board Expenses".  I would like to change this to "6-0085 Board Expenses"

 

Looking for answers to my questions above.

 

Thanks! 

  • TAGCRU 

     

    The "old" number is then available to be reused/renamed.

     

    Duncan

4 Replies

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    TAGCRU 

     

    Certainly good to review the Chart of Accounts say annually.

     

    Numbers can be changed within Expenses as long as the number is not being used.

    Numbers cannot be changed from Expenses to Cost of Sales.  

     

    Prior transactions are carried forward.

     

    Duncan

    • TAGCRU's avatar
      TAGCRU
      Contributing User

      Thanks Duncan.

      Can you also please confirm that the "old" account number is then released for use as a new account? So in my example "6-0030" could then be given a new name and be a new expense account?

      • DuncanS's avatar
        DuncanS
        Ultimate Partner

        TAGCRU 

         

        The "old" number is then available to be reused/renamed.

         

        Duncan