Changing Accounts Payable to Other Current Liabilities

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

1. Go to the Accounting tab. 
2. Select the Chart of Accounts portion. 
3. Press the New bubble at the top right-hand corner. 
4. Enter in all the required information (Other Current Liabilities). 
5. When you're done, tap Save and close. 

Export Transactions into Excel CSV from A/P Account

1. Locate the A/P account from the list of Chart of Accounts. 
2. Click the View Register drop-down menu in the "Action" column. 
3. Press the Run Report option. 

       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. 

Now, let's import the CSV file into the Other Current Liabilities account. 

1. Go to the Gear (Settings) icon in the top right-hand corner. 
2. Under the "Tools" column, pick Import Data. 

       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!

Thank you for your response to my issue.  I am attempting to complete the task by instruction, but I noticed these are instructions for QBO.  Are there any instructions for Quickbooks Desktop?

Thank you for your response.  Are there instructions to do this for Quickbooks Desktop?

Thanks for joining this thread, @kj34. I'm here to guide you on how you can perform these steps in QuickBooks Desktop. 

Here's how:

To create a new chart of account: Other Current Liabilities

1. Go to the List menu, then select Chart of Accounts. 
2. Click the Account button at the bottom of the window. 
3. Select New to add a new account, then select Other Account Types and choose Other Current Liability. 
4. Click Continue, then use the Account Name box to give your new account a unique name.
5. Enter in all the required information (Other Current Liabilities), then Save. 

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. 

Can I use these steps to change and "other current liability" to "Accounts Payable"?

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@katherinejoyceO wrote:

Thanks for joining this thread, @kj34. I'm here to guide you on how you can perform these steps in QuickBooks Desktop. 

 

Here's how:

 

To create a new chart of account: Other Current Liabilities

 

1. Go to the List menu, then select Chart of Accounts. 
2. Click the Account button at the bottom of the window. 
3. Select New to add a new account, then select Other Account Types and choose Other Current Liability. 
4. Click Continue, then use the Account Name box to give your new account a unique name.
5. Enter in all the required information (Other Current Liabilities), then Save. 

 

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. 

 

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It's great to have you here, @Top Quality Motors.

Those outlined steps are for QuickBooks Desktop. Also, there is no direct way to update "other current liability" to "Accounts Payable". You'd want to create an Accounts Payable account then, import the transactions from the Other Current Liability account to Account's Payable account. Let me guide you on how it works.

First, let's create a 

1. Go to the Accounting tab. 
2. Select the Chart of Accounts portion. 
3. Click the New button.  
4. Choose Accounts Payable from the Account Type drop-down.
5. Pick the Detail Type.
6. Enter in all the required information.
7. When you're done, click Save and close.  

Once completed, let's download the transactions recorded in the Other Current Liability account. Here's how:

1. Locate the Other Current Liability account from the Chart of Accounts tab. 
2. Click the View Register drop-down menu in the "Action" column. 
3. Press the Run Report option. 

       4. In the Report period box, choose All Dates. 

       5. Tap the Export icon, and select Export to Excel. 

Now, you can import the transactions to the newly-created Accounts Payable account.

1. Go to the Gear (Settings) icon.
2. Pick Import Data.  
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. 

You can read through this article for more detailed steps: Import the CSV file into the Accounts Payable account.. 

Once the transactions are settled in the new account. you can make the Other Current Liability as inactive. Lastly, I'd recommend consulting with an accountant so you'd be guided accurately in managing your chart of accounts. 

Swing by here if you have other questions or concerns. The Community and I are always here to help.