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ptantry's avatar
ptantry
User
3 months ago

Fixing the incorrectly linked Inventory account

Hi

I have a client who had set up the linked account for Inventory as the asset account 'Petty Cash'

 

The Asset account for 'I Inventory this Item' - was set to 'Petty Cash' for a few months. It has been changed to 'Inventory Account' now to all the new items added.

 

There over 1800 items.

 

My question is

- Is there a quick way of changing the linked account to Inventory or do we have to do it individually for all 1800 items.

- Can we change the historical data - All the ones that got tracked to Petty Cash, can we do a Journal

Dr Inventory Cr Petty Cash - or any other way to move historical data out of Petty Cash

3 Replies

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  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 months ago

    Hi ptantry 

     

    You could try to update the over 1800 items by exporting the Item Number and linked Asset account, changing the asset account and importing to update the existing items. Make a backup first or get someone who knows what they are doing if you are unsure.

     

    There is no way to change the existing transactions, do a General Journal to correct the affect of the change on a monthly or quarterly basis.

     

    Regards

    Gavin

    • ptantry's avatar
      ptantry
      User
      3 months ago

      Hi Gavin

       

      Thanks for the reply.

       

      I will try exporting and importing the items along with the linked account numbers.

       

      Just in relation to the journal to cleaing historical data. The Inventory tracking account was previously the asset account 'Petty Cash' which we want to clear out and move to the asset account 'Inventory'. But is it actually possible to do a Cr Petty Cash Dr Invetory.

       

      I thought the initial inventory count is done to the Petty Cash account - we cant just journal it out?

      • gavin12345's avatar
        gavin12345
        Ultimate User
        3 months ago

        Hi ptantry 

         

        Yes you can simply Dr Inventory Cr Petty Cash if this is what you need to do. The inventory count and value is stored in the Item Register, not in an account. The idea is to have the account balance and the value of the Item Register matching.

         

        Regards

        Gavin