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Change/Move GL Account for Existing Entries
09-16-2018, 10:37 AM (This post was last modified: 09-16-2018 10:47 AM by VortecCPI.)
Post: #1
Change/Move GL Account for Existing Entries
Is there a way to change/move GL-related data from one account code to another?

For example... We have been entering utilities payments all under one GL COA. We may want to split this account into sub-accounts so we can better track costs.

7660-Utilities

Becomes:

7660-Utilities
- 7661-Natural Gas
- 7662-Internet
- 7663-Electric
- 7664-Etc.

So... Is there a way to do this now or do we need a new utility script? If we need a new "Z_" utility script I am willing to take a crack at it...
FYI I have done this manually via DB export, modify, import and then running the Z_RePostGLFromPeriod.php script. However, the context was simply moving data from account 2400 to account 6500, which was not too much of a stretch.

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09-16-2018, 04:26 PM
Post: #2
RE: Change/Move GL Account for Existing Entries
You should always use a journal to do this so that you maintain an audit trail of what has happened.
Once a GL entry has been made it is bad accounting practices to amend it and your auditors as well as the tax authorities may take a dim view of it.

Tim
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09-16-2018, 09:54 PM
Post: #3
RE: Change/Move GL Account for Existing Entries
Very good point my friend.

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09-19-2018, 08:32 AM
Post: #4
RE: Change/Move GL Account for Existing Entries
Okay... What a coincidence...

The owners just decided they have chosen not to pay back contributions entered into 2800-Shareholder Loans. Now our accountant just asked if I can move all entries from 2800-Shareholder Loans to 3200-Capital Surplus / Dividends.

There are four (4) owners who have made contributions all through 2018 so any suggestions as to the best method to address this request is greatly appreciated. Perhaps four (4) journal entries -- One (1) for each owner's total lump sum?

As you all know I am NOT an accountant by any measure so please forgive me if my questions are simple and obvious in nature.

I just want it done right!

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09-19-2018, 07:49 PM
Post: #5
RE: Change/Move GL Account for Existing Entries
I would probably do one journal, something along the lines of:

2800 Dr Director 1 loan
2800 Dr Director 2 loan
2800 Dr Director 3 loan
2800 Dr Director 4 loan
3200 Cr Total of loans

This keeps the full audit trail of what has happened so that at any point in the future somebody looking at the books for the first time could see easily where the entries in 3200 come from.

Tim
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09-19-2018, 09:38 PM (This post was last modified: 09-19-2018 09:44 PM by VortecCPI.)
Post: #6
RE: Change/Move GL Account for Existing Entries
Thank you so much Tim. You guys make it so easy for me!

I have worked with many accountants (even CFOs) over the decades and have good understanding of this at a high level but I am unfamiliar with best practices and associated techniques when it comes to managing "The Books" in such a context (low level).

Perhaps I need a GAAP for Dummies book...

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09-19-2018, 11:03 PM (This post was last modified: 09-19-2018 11:04 PM by falkoner.)
Post: #7
RE: Change/Move GL Account for Existing Entries
The "bible" when I was studying for my accountancy exams was Frank Wood's business accounting books (now at edition 14!). Book 1 gives a very understandable overview of book keeping practices and I always recommend it to people wishing to get a basic grounding in bookkeeping.

https://www.amazon.co.uk/Frank-Woods-Bus...187&sr=1-1

Tim
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09-20-2018, 12:16 AM
Post: #8
RE: Change/Move GL Account for Existing Entries
Thank you Tim!

Entries made this morning per your advice. Accountant happy. Owners happy. Becker happy.

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