Forum Message

Changing asset to liability

Hi

I have set up my Credit Card Accounts under Assets and they need be in Liabilities, there are transactions on these Accounts. I would like to know how I can move them into the Liabilites section?

Many thanks in advance for your help.

Miss helen Ferguson


Posted by Helen Ferguson on May 18, 2010 2:44 PM BST

Hi Helen,

Unfortunately you cannot change the type of an account from Asset to Liability. The solution is:
1. Rename the existing credit card account
2. Create new credit card account under 'liabilities'
3. Change all existing transactions to reference the new account
4. Delete the old credit card account

Cheers,


Posted by Mark McLaren (Solar Accounts) on May 18, 2010 2:58 PM BST