Best Practice to change the COA

boni_rosas

I need change all the COA, what is the best practice to do?

i have to do an accounting of adjustment? and then blocking all the COA and then import the new COA? and then again register an accounting of adjustment with the account balance in the new COA, and update all the accounting groups? or what do you recommend me to do or what is the best practice?

of course i have to keep the old COA for possibles audits in last years.

help me please

raveendran.s

At the Closure of Fiscal Year, Your P&L (Income Statement) Account Balances will/Should be Zero after Running 'Close Income Statement' batch Job in NAV. And only your Balance Sheet Account will have the balances which needs to be carried forward to the next year.

I guess, we are not suppose to do it in the mid of Fiscal year.

Here the practise what you are trying to do is as like as traditional Book keeping system. Transfering the Account Balances from one folio to the newer ones.

I suggest to have a mock run and confirm it from the Authority who certifies your company Balance Sheet and then to implement it.