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Accounting Inventory Transactions: Adjusting ledger account type for profit and loss reporting

The balance sheet amount is incorrectly classified as a current asset instead of a current liability.

Updated over 3 months ago

To change the account type:

  1. Go to the print chart of accounts, select filter all.

  2. Look for the account number for the creditor reported as a current asset, F.

  3. Double-click on it and change the account type to current liability. G.

  4. Save to make the changes.

  5. Generate Profit and Loss.

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