Hello Hasan

A while ago I asked this question about having a balance in a Revenue account that should in fact be defined as an Asset Type account.
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Let's say that the Revenue account has a NET CR balance of $1000.
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You suggested the following...
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Option 1:
The best approach is to disabled that segment value that you wrongly classified as Revenue and recreate a new value and start using it as as Asset.
Enter a reclass journal to move the amounts from old to new value.
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What is a relcass journal ?
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If the Revenue Account = 4300
and I create an Asset account = "1300"
How do I transfer the balance from the Revenue account to the Asset account ?
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I'm a bit confused on what needs to be DR and CR in the journal to move the amount.
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4300 has a net CR balance of $1000.
Once the balance is moved to the Asset Account, then the Asset Account should have a NET DR balance of $1000.
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The Revenue account should have a net ZERO balance.
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What would be the journal to acocmplish this ?
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Thank-you
Charlie

If the revenue account has a net credit balance of $1000 then the reclass journal will create net credit balance of $1000 in the new asset account (not net debit).

DEBIT OLD REVENUE ACCOUNT (4300) $1000
CREDIT NEW ASSET ACCOUNT (1000) $1000

If you have created the account by mistake as revenue as oppose to asset, then most likely it will have a net debit balance (not net credit balance).

That makes is so much easier if what you say is the norm.
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By making such a change in account type, that is by creating another natural account that is defined as an Asset Account... there could be MANY MANY changes that need to be addressed.
- Budgets, MassAllocation, Revaluation, Consolidation etc..
- Are there any other areas OUTSIDE of GL that need to be addressed ? Can you quickly suggest other areas that we have covered in these videos ? (OM,AR) ?
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Thank-you
Charlie

Whenever you disable an account, it is your responsibility to make sure that account is not used any where in the setup and open transactions like unmatched POs etc.
The list depends on the modules you are using. I hope you understand the point. Giving you a complete list is not in my scope. It can be easily produced by any one who knows the system.