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Adding a Classification to an account in Chart of accounts after a transaction has been made


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I have a question regarding setting up Chart of Accounts. I have entered some asset accounts and an opening balance. I did not select a classification. It will not let me do that now as a transaction has been made. I am guessing this transaction is the opening balance I entered. If I delete the opening balance, can I delete that account and recreate it correctly with a classification?

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2 hours ago, SMelanie said:

I have a question regarding setting up Chart of Accounts. I have entered some asset accounts and an opening balance. I did not select a classification. It will not let me do that now as a transaction has been made. I am guessing this transaction is the opening balance I entered. If I delete the opening balance, can I delete that account and recreate it correctly with a classification?

If the chart of accounts that are interrelated (there are related transactions), the classification of the accounts cannot be deleted, unless the details of the entire transaction are also cleared. Of course this will cause a high level of complexity. For all assets that are unlikely to have a balance below ZERO, the status of replenishing the balance on the opening balance can be changed repeatedly. However, for accounts that have a negative balance (minus balance), changes to the opening balance are not allowed.

Just do journal data corrections or do journal adjustments

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I do not want to delete a classification to a chart of accounts account - I want to add a classification . But it will not let me - that option is grayed out.  I just wondered if I delete the beginning balance it would let me add a classification and then I add the beginning balance back in. So far the accounts that need a classification added do not have any other transactions associated to it other than the beginning balance

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You can add a classification. You delete the opening balance, it can also add a classification and can then add the opening balance back. For safety, please try the backup first.

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