Asset Type

[bobgoodwin]

I re-started accounting and went through the entire process before realizing that I set up the outreach asset account as not restricted when it should have been pass-through. Contributions to this account need to close to a liability account, currently they close to a net asset account. Is there a way to change the type without restarting the entire process again?

Thanks

[NeilZ]

I re-started accounting and went through the entire process before realizing that I set up the outreach asset account as not restricted when it should have been pass-through. Contributions to this account need to close to a liability account, currently they close to a net asset account. Is there a way to change the type without restarting the entire process again?

Thanks

Unfortunately, no. You can't change the type of account once its been created.

However, you talk about the 'outreach asset account', is this truly an asset account, as in 1000 series assets, or an income account, as in 4000 series assets?

If it is a 4000- series account, what you can do is this:

1. Create the Liability account (2000- series account)
2. Create a transaction in Funds Accounting that DB the outreach asset (4000- series) and CR the liability account.
3. Post that transaction
4. Change the contribution fund setup in Contributions to point to the liability account for all future contributions (this will not affect any contribution history)
5. Mark that outreach asset 4000- series account as no longer active by removing the checkmark from the ACTIVE checkbox when you look at the account details under the CHART of ACCOUNTS.

Hope this helps.