CenterPoint® Fund Accounting - Change the Type on an Existing Account

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Accounts in CenterPoint define the various activities in your operation. Each account is assigned to an account type. The account types are Assets, Liabilities, Equities, Expenses, Cost of Goods, Other Expenses, Revenue and Other Revenue accounts. The account type defines the account position on financial statements or other reports grouped by Account Type.

The account types Revenue and Other Revenue have the same effect on the balance sheet in that they increase Equity. The Account Types Expenses, Other Expenses, and Cost of Goods have the same effect on a balance sheet in that they decrease Equity. Their position on an income statement is different.

  • Revenue accounts minus Cost of Goods accounts equal gross profit.
  • Gross profit minus Expenses equal Net Income (loss) from Operations.
  • Net Income (loss) from Operations plus Other Revenue and minus Other Expenses equal Net Income (loss).

You may have account activity that you would like moved to a different section of the income statement. The account type assigned to an account can be changed to another account type if they have the SAME financial effect on the balance sheet. So an Other Expense account can be changed to a Cost of Goods or an Expense account. An Other Revenue account can be changed to a Revenue account.

  1. Select Setup > Accounts > Accounts.
  2. Select the account you wish to edit.
  3. Click Edit.

  1. On the Detail screen, in the Type box, click the lookup icon.
  2. From the Lookup screen, select the Type you want to change to.
  3. Click OK.
  4. Select the Account Category for the new Type.
  5. Click Save. The account and all its activity will be moved to the new Type position in the report.

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