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How to change General Ledger (GL) accounts that were incorrectly set up

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Summary

In Sage 300, if G/L accounts are Balance Sheet accounts, you can transfer their contents into a new Income Statement account.

Resolution

  1. Open G/L Setup, Options, and the Posting tab. Click Allow Posting to Previous Years, or ensure that you have already selected it.
  2. Create a new G/L account with the correct Account Type, Income Statement.
  3. 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.
  4. In this journal entry header’s Year/Period field, choose period 12.
  5. Choose the fiscal year in which you intend to post the entry.
  6. Post the entry.
  7. 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.
  8. 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.