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When you create an expense account in the chart of accounts and enter the business percentage to less than 100% is it possible to change the percentage after you have entered transactions to that account? I was just going over my income and expense report and realized that I had not changed the percentage on a couple accounts. I did change it but I thought that the numbers would be updated when you run reports. It doesnt seem to have changed. Is the only way to fix this to reenter all the transactions to that GL?
Hi Michelle!
When you change the business percentage in the chart of accounts, the change is not retroactive. This is because the system is an audit based system, and it isn't going to reach back and change something that has already been recorded. You will have to go back to those transactions and re-do them to allocate the updated percentages to them.
I hope this helps!