Best Practice for Setup for Cash Account

Question

Hi, 
 We have cash accounts set up that haven't had balances in years on our GL and Cash Management. 
 Can we rename and reuse these accounts? 
 What is the best practice, please? 
 
 Thanks, 
 Cath&eacute; Young

Rhonda V · Answer

To the question, can you rename the accounts, I'm pretty sure Sage software will let you. However, when it comes to the question of SHOULD you rename them that's really your call. If you were to run reports based on history transactions, the accounts would show the new name, not the original name it was back then, which could be confusing. However, if you archive your data folders, you would still see the old, original account name in the archive copy and could run reports from the archive data folder if you needed reports from history. 
 We've renamed general ledger accounts like a loan for a truck over the years and since we all know it's happening, it's not a big deal. However, a cash account may be more important. Maybe your CPA could advise you more on this question. Their answer may depend upon whether the account was closed. Sage doesn't offer any advise inside Knowledgebase on this topic. I'd look at the setup to see if any amounts exist inside the various tabs of the account, as well.

Sage Construction & Real Estate

Best Practice for Setup for Cash Account

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