Can i recategorize an expense account as an asset account while keeping all entries intact?

Good to see you here in the Community, @khurrum.

I can help change the account type of your items into an asset account in QuickBooks Online (QBO).

Here's how:

1. Go to the Gear icon.
2. Under Lists, select Products and services.
   
   
3. Select Edit under the Action column.
   
   
4. From the Income account drop-down arrow, choose the account you want to use.
5. Put a checkmark beside Also update this account in historical transactions. It's to update all your item's account types.
6. Hit Save and close.
   
   

I've added these articles about adding products and changing item types in QuickBooks: 

• Add product and service items
• Change product and service item types

Let me know if there's anything that I can help you in managing your transaction. I'd be around to help. Have a great day.

Thanks for coming back to us, @khurrum.

We can go to the chart of accounts to change the account type of multiple entries in QuickBooks Online (QBO). Please know that changing the type or tax form section of an account may affect your accounting and reporting.

Here's how:

1.  Go to the Accounting menu.
2. Select Chart of accounts.
3. Locate the account you want to change.
4. Click Edit under the Action column.
5. Select the Save account under drop-down arrow to choose a new account type.
6. In the Tax form section, select the appropriate detail type.
7. Hit Save. You are prompted that changing the Account Type may affect your accounting and reporting.
8. Select Yes to confirm.

Lastly, I've got you this helpful article for ideas about how you can review your transactions after categorizing them: Find, review, and edit transactions in account registers.

Keep me posted in the comments if you have any other questions. I'll be happy to lend a helping hand.

There is another simple solution, to re-class expense transactions into asset in few clicks. You just need to go to tools>Reclassify transactions and select expense account..then date range and select all transactions> proceed further and select asset account. All transactions from expense will be moved to asset account.