Hi there, samcpa.
Yes, there is an option available for reclassifying the wrong account to the correct account of Product and Service. I suggest going to the Product and Services page. This way you'll be able to change the posting account used for the item into the correct account.
Here's how to change the posting account in the item:
1. Click the Gear icon at the upper right corner.
2. Choose Product and Services.
3. Select the item and click the Edit.
4. Go go to the Income account drop-down arrow and select the correct account.
5. Click the Save and Close button.
Once done, you can pull up the Profit and Loss report and customize it. This lets you see the sales receipt that is already posted to the accurate correct account. Please follow these steps:
1. Click Reports at the left panel.
2. Select the search icon at the type Profit and Loss.
3. Click the new account you used for the item under Income.
4. From the account you selected, you'll see the sales receipt is now under to the new account.
You can refer to this article for additional information on how to change the income account for any of your product or service items: Change the account for a product/service item.
If you want to change product and service types, please check this article on how to perform the steps: Change Product and Service types. This article also provides on how to adjust the item so it reflects zero quantity on hand.
Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.
