Summary
In Sage 300, if G/L accounts are Balance Sheet accounts, you can transfer their contents into a new Income Statement account.
Resolution
- Open G/L Setup, Options, and the Posting tab. Click Allow Posting to Previous Years, or ensure that you have already selected it.
- Create a new G/L account with the correct Account Type, Income Statement.
- Create a G/L entry to transfer the balance from the old account (with the Account Type as Balance Sheet) into the new Income Statement account.
- In this journal entry header’s Year/Period field, choose period 12.
- Choose the fiscal year in which you intend to post the entry.
- Post the entry.
- G/L Accounts, Accounts, mark the old (incorrect) Balance Sheet account as Inactive. This ensures that no one can post more entries to this account.
- For each account that was incorrectly set up as a Balance Sheet account, repeat steps 2 through 7.
NOTE: Don’t run Create New Year again. Sage 300 will recognize entries posted to the prior year, and will update the Retained Earnings account.