Our Chart of Accounts was not properly set up and payroll withholding is currently listed under accounts payable. I am needing to change this over to Other Current Liabilities, but am receiving an error message saying, "you can't change the account type AP to be another account type."
I tried creating new accounts in an attempt to switch them over, but am unable to delete the original withholding AP accounts since although they are at a zero balance, they contain data from a prior month.
How do I go about rectifying this?
Hi Jennifer... are you just doing the change for your payroll transactions to show up in the correct chart of account?
If this is the case, you can try updating your accounting preferences for Payroll. Learn more about this here: https://quickbooks.intuit.com/community/Help-Articles/Payroll-accounting-preferences/td-p/185710
I have also has this issue. I am trying to change the account type due to an SBA loan being added as an A/P account instead of Other Current Liabilities account type. Is it not possible to change the account type once it is added to QuickBooks?
Good Afternoon, @kj34.
Thanks for joining in on this thread. Let's work together and tackle this account type problem.
No worries. I can walk you through the steps to help change your SBA loan type from A/P account to Other Current Liabilities. All you need to do is export the transactions to an Excel CSV file and import them back into the new chart of account that you create.
Create a New Chart of Account: Other Current Liabilities
Export Transactions into Excel CSV from A/P Account
4. In the Report period box, choose All Dates.
5. Tap the Export icon, and select Export to Excel.
From there, you'll be able to save these transactions as a CSV file.
3. Choose the Chart of Accounts box.
4. Click browse to upload the file into your account.
5. Follow the rest of the on-screen instructions.
In the end, you can make the A/P account inactive.
In addition, here's an article that can give some more information to help you and your business: PPP Payroll Costs for QuickBooks Online Forgiveness Application Report – What You Need to Know (And ....
After doing these instructions, you should be able to track your SBA loan correctly. If you run into any trouble along the way, don't hesitate to contact me. I'll always be around to help. Have a great day!
Thanks for joining this thread, @kj34. I'm here to guide you on how you can perform these steps in QuickBooks Desktop.
To create a new chart of account: Other Current Liabilities
To guide through the process of exporting lists and importing transactions, you can use the Export or import Intuit Interchange Format (.IIF). For more insights about this procedure, please check out this article: Export or import Intuit Interchange Format (.IIF) files.
To make the A/P account inactive in QuickBooks Desktop, refer to the steps in the Hide or delete accounts outlined in this article: Understand the chart of accounts in QuickBooks.
I'm always around here to help if you have more concerns about changing the account type in QuickBooks Desktop, @kj34. Take care.