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The GL code Accounts Payable has been replaced with GL code Intercompany Payable. How can this be rectified

 
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The GL code Accounts Payable has been replaced with GL code Intercompany Payable. How can this be rectified

You've come to the right place, deepasaimanohar

 

QuickBooks Online creates specific accounts by default. I've got two options on how to change it. You can either change the name Accounts Payable or create a new account and then manually transfer the transactions that were posted on the default account.

 

To change the account name:

 

  1. In the left navigation panel, click Accounting.
  2. Select Chart of Accounts.
  3. Look for your account, then click the small drop-down arrow and choose Edit.
  4. Update the name of the account.
  5. Click Save and Close.

To create a new account:

  1. In the left navigation panel, click Accounting.
  2. Select Chart of Accounts.
  3. Click on New.
  4. Choose the Account Type, Detail Type, and Name.
  5. Click on Save and Close.

Once done, manually transfer the transactions that were posted on the account.

 

Also, I'd recommend consulting with your accountant to make sure of the accuracy of your books.

 

The Community is always here if you have any additional concerns about managing your accounts.