Let's say that I created a Natural Account 1300 and define it as an Asset account. I have 5 code combinations that use this Natural Account and have balances (Jan-10 to Jun-10 for every month).

Now I find out that the Natural Account 1300 should be a Revenue account type.
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How do I clean up the mess.

1) Create a NEW natural account 1301 and define it as a Revenue account type.
2) Create 2 new code combinations using the natural account 1301.
3) Creat a journal for each month (Jan-10 to Jun-10) and transfer the balances from the CC using 1300 and move the balances to CC using 1301.
4) Disable Natural Account 1300
5) Disable those CC using natural account 1300.
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Of course the timing has to be right... I would need to do this when it is safe (after hours)
I don't think I can disable the natural account 1300 1st, because I would not be able to create a journal to transfer the balances. I would NOT be able to enter the CC using this natural account 1300.


Is this correct ?
Is there any other way of doing it ?

Typo in my previous post.. There are a total of 5 CODE COMBINATIONS that use the natural account 1300 ..

Sorry...

Hence, I would create 3 new CC with the new natural account 1301...

Hello Charlie:

It sounds like you are on the right path. As you can imagine it is better to use new 1301 account vs. repurposing 1300 account.

Good luck!
-GreenHills