Change Closing account

[Suresh]

I want to have an income and expense account to a certain equity account. How do I do this?

[JohnDMeyers]

If the account already exists, I don't think you can change the "closes to" account. You will have to create a new account and point it to "close to" the correct equity account.

I am guessing that once an account is set to "close to" one equity account, then you can't change it mid-stream or it will really mess things up. Just a guess.

[Suresh]

I read somewhere that you can combine account transactions from one account to another. If that is the case, probably creating a new account, and combine/move transactions from one account to the newly created account is possible?

[Jeff]

You can combine 2 accounts together, but they must be of the same type. For example you may combine 2 expense accounts together to simplify your chart of accounts. You will not be able to combine an income and expense account together because they are 2 different types of accounts.

Perhaps more information on what you are trying to accomplish will help us figure out what you are trying to do.

[Suresh]

Here is what I want to do.

I have a "Project Income" account, and a "Project Expense" account. At the end of the year, i want the net of these two accounts to close to an equity account example, "Designated fund - Project". The reason is, that we want to be able to use the residual income the following year by moving it to the balance sheet.

Per what I said before, If I create a "New Project Income" account, I should be able to combine both "Project Income" account into the "New Project Income" account, and I will do the same with the expense side. The new accounts, I will designate that they close to "Designated Fund - Project".

I hope this is feasible. which is provided, I can't change existing Accounts to close to a different account.

[JohnDMeyers]

If you create the following:

01-3120-001 Designated Fund Equity
01-4120-001 Designated Income [closes to 3120]
01-5120-001 Designated Expense[closes to 3120]

That will work.

By using unique sub-account numbers (as I did in my example), you will also be able to identify transactions easily on reports.

[Jeff]

What John posted is a way to do it. When you say you cannot change an existing accounts close to account, what is happening? Is the option not there or are you getting an error message. What version of PowerChurch are you using?

[Jeff]

Just had a thought that you might not be seeing the setting. In Maintain Chart of Accounts, you need to select the details option to set option for that account in a particular fund. In the details dial;og, you can change which equity account an income or expense account closes to.