Modify Chart of Accounts

In order to proceed with changing the chart of accounts, it's essential to ascertain whether the customer intends to modify only revenue accounts or if they also plan to alter deferred revenue accounts.

• If the changes involve deferred revenue accounts, it's important to note that transferring balances from one account to another is required.
• However, if the changes are confined to revenue accounts without involving deferred revenue, the process becomes simpler.

For cases where only revenue accounts are being modified, customers can proceed to change the chart of accounts directly in QuickBooks.

• Subsequently, bring these updated chart of accounts into Ordway's products.
• From there, adjust the products and assign them to the correct revenue account.
• By following this procedure, the accounting process can seamlessly adapt to the changes in the chart of accounts.

Important Note:

When a user edits and saves a Product, changes are reflected in all future transactions that are created in Ordway after the change. Further, when the Chart of Accounts is edited on a Product, any Subscription using that Product will inherit changes the next time it is used. 

Example: A Chart of Accounts was changed on April 1st from 111 to 222. Therefore, any transaction after April 1st for that Product will post to the 222 Account. 

In addition, any Journal Entries already created will not be updated, but accounting flows down to all Sub Charges that are inherited from the Plan or Product; and therefore, will be updated. Future Journal Entries created use the updated Accounting information. Any Journal Entries to be deleted and then recreated after the Accounting information has been updated will utilize the updated Accounting details.