Hi all. I went in to set up a new company and when I set up the chart of accounts, I accidently set up an expense account with a "other current asset" account type. When I closed this and saw the net income, I realized it had been set up incorrectly and went and changed it to an expense. Unfortunately, the year was closed so it did not close out to retained earnings and is carrying over into the next year as like a balance sheet account even though it should be closed out. Any way to fix this?
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