Newbie with a problem

Xavier
Xavier Member Posts: 7
edited July 2020 in Accounts Hosted
Hi guys, I'm new here and I need your help since support didn't answer my email. So what happened is I mistakenly changed a long term liability account to a bank acocunt and when I tried to revert it back, it popped up a message saying that bank accounts cannot be changed to another account so how can I change it back to the normal Long term liability account? This is for Reckon Hostedimage:(

Comments

  • John Gibson
    John Gibson Accredited Partner Posts: 47 Accredited Partner Accredited Partner
    edited July 2020
    Whoops, that is annoying!
    2 options I know could work
    Restore the most recent back-up - if none or minimal / few entries since the change (and re-enter transactions since back-up if required)
    OR - Recreate a new long term liability accounts and move every transaction from the incorrect 'bank' register back to the new liability account. Hopefully not many, and make sure that no data changes, no $ amts change. 
    Would be a GREAT idea to do a back-up PRIOR to any adjustments, in case (and this should always be done regularly anyway, even online files (to the B drive) After the incorrect 'bank' account is cleared, delete it from the Chart
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    Already thought about that but there are too many transactions if I move them 1 by 1, if there's no other solution then I'll have to start moving then. Thanks John!
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    A follow up question as well, how do you set up a long term liability account to be one of the options when paying bills? I can't seem to find an option for that.
  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited May 2018
    Xavier.  When you went to change the type of account, you should have received a warning message saying that if you proceeded, the action would be irreversible.  John 
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    Hi John, unfortunately it didn't warn me, it just proceeded right away to changing after I entered the save and close button. :(

  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited May 2018
    That is rather strange Xavier and most disappointing to hear that there was no warning message.  There definitely are some instances where a warning is issued to say that the action cannot be reversed.  If this isn't happening, it should be, in order to avoid the issues that you now face.
    John L G
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    Yeah, I normally get warning messages during invoicing especially changing or deleting bills but this process didn't provide any warning. I'll have to proceed with what Mr. Gibson suggested, it's going to be a pain considering the bulk of those transactions. Thanks for the head's up btw. Do you perhaps have an answer on my question below as well?
  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited July 2020
    hI Xavier.  Unfortunately, you cannot do this as a bank account is the only option. When you actually make the payment, you are obviously using a specific bank account for this purpose, or is the Long Term Liability really a Bank Loan account?  There is a way that you could potentially partially overcome this:
    1.  Create a "mirror" bank account
    2.  Record the payment from this "mirror" bank account and then immediately use the Transfer Funds option to transfer the same amount from the Long Term Liability account to the bank account that you used.  Obviously this is double handling but it will keep your "mirror" account with a zero balance.  The only problem using the Transfer Funds facility is that no details will then show on the Liability or Bank account.  The alternative is to do a General Journal instead, and this will then show full details for both accounts.
    John L G
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    Hi John, its a great idea. Will do that, I have something in my mind as well, is it wrong to record bills then put another account with it to make it seem like its paid. Example is recording Office Expenses for $100 then have another entry for long term liability with a negative amount so effect will be the bill is now 0 and would seem that its already paid.
  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited May 2018
    You can add another line which includes the liability account.  I have done that in the past for specific reasons - this also required another line in my case.  In your example, this will work and is a very brilliant way to cater for this.  The only issue is going to revolve around dates.  With a zero bill amount, it is not going to show up anywhere.  From what I can see, you would only be able to enter this on the day the payment takes place. I guess that one way to overcome this is to enter the transaction as a normal bill and then on the day payment, enter the extra line on the bill to add the Long Term Liability Account details.  The only other thing you would have to contend with is the fact that on an historical basis, this bill will never show up as outstanding on any reports under any dates, due to the fact that it has become a zero amount.  It just depends on how critical this might be.  To use an example.  Enter the bill under the date of 26th June with payment taking place in July.  On 30th June, it will appear under accounts payable, but going forward, it would appear as a payment under the date of 26th June, thereby totalling changing your accounts.
    John L G
  • Xavier
    Xavier Member Posts: 7
    edited May 2018
    My thoughts exactly but no worries on that coz all the bills are not outstanding. Thank you so much for your inputs John, will really follow some of your thoughts. :)