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info1586
Level 1

Need help in Updating current Assests of Chart of Accounts

 
1 Comment 1
ChristieAnn
QuickBooks Team

Need help in Updating current Assests of Chart of Accounts

Hi there, info1586.

 

Thank you for dropping into the QuickBooks Community. I'll share details on how updating information with Current Assets works.

 

If you mean changing the category or detail type of the said account, you'll have to go to the Account History and click edit. From there, you can make any adjustments to the information.

 

Here's how:

 

  1. From the left menu, select Accounting.
  2. Choose Chart of Accounts.
  3. Locate the Current Assets account.
  4. From the Action column drop-down menu, select Edit beside the Account history.
  5. Update category type or detail type or another necessary field.
  6. Hit Save and Close.

 

For additional details, you can click this article: Manage default and special accounts in your chart of accounts. This also provides information on which default or special account can be deleted, edited, or merged in QuickBooks Online.

 

If you need to update the amounts of your Current Assets, I suggest creating a Journal entry. To ensure your records are in shipshape, I suggest consulting an accountant before performing the process. They can provide suggestions on how to properly handle the account, especially with the category to use for the debit and credit.

 

Please refer to this article to see different details on how various accounts in COA categorise your transactions on everything from sales forms to reports to tax forms: Learn about the chart of accounts in QuickBooks.

 

I'm only a post away if I can be of additional assistance while working in QuickBooks. I'll be around to keep helping. Wishing you a wonderful rest of the week.