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Celeb

How do I move an account's balance to another account

Posted By

Hi,

I am new to Sage and messed up!

I have a sole proprietor service business and usually pay most purchases with my personal credit card. In order to still track individual purchases, I created an account called: Owner Loans and gave it a bank class. The idea is to then transfer money from my company's bank account to this loan account to reimburse myself for the expenses.

It all made sense in my mind, but where I believe I messed up is that I created the Owner Loans account in the wrong place (3000). In retrospect, I should have created it in the 2000 accounts since the money owed to me is a liability. 

I processed a bunch of invoices against the 3000 (Equity) account and would now like to transfer the balance in that account to the new 2000 accounts that I also called Owner Loans. 

The question is: How do I do it? And can it be done with one manual transaction somewhere?

Thanks in advance,

Celeb

  • 0

    If you're a sole proprietor, then the 3000 accounts are fine.  

    Owner deposits or withdrawals are part of equity.  The business is not a separate entity, in the way that an incorporated company is.

    If you still want to move the amount from account 3000 to account 2000, you can do a single journal entry move the balance, or you could adjust all the invoices posted against that account.

  • 0 in reply to RandyW

    Thanks RandyW. What alerted me to the problem is that when I try to do a bank transfer from my bank account (1000 account) to the 3000 account to reimburse myself, it doesn't allow it, but it does allow it for a 2000 account.  

     

  • 0 in reply to Celeb

    I don't know if this is available in your version. Try editing the account (from chart of accounts) and change the account number to a 2000 number. Sage will then change the type of account. (By the way I would probably change the account type to credit card payable so that I could pay it from the business bank).  

*Community Hub is the new name for Sage City