Account Type erroneously changed with new upgrade

JimT

I just noticed when doing a report that when the new upgrade was done the system switched my Cash & Bank accounts to Property, Plant & Equipment accounts! Now system won't let me change them back, it suggests that I set up a new account??? What about all the transactions in the account? I've been with you all since 2011, there's a lot of transactions!! Please advise.

Odimore_1

This affected me too. Is there something that can be done to fix it?

EmmaP

Hi @JimT & @Odimore_1! Thanks for reaching out and I'm sorry you have been impacted by this. In the older version of Wave, the system by which users were allowed to create custom accounts was not ideal - in short, you could only really rename existing accounts in your Chart of Accounts, rather than create completely new ones. Users had to go to the existing Chart of Accounts, click Add an Account, and choose an existing pre-made account to add. If they couldn't find exactly what they were looking for, they would have to re-name any existing account.

For example, in the older version, a user could have renamed a Money in Transit account to something like "My Checking Account," and continued to use this account as if it were a Cash and Bank account, without issue. However, that account type may not have been exactly what the user was looking for: perhaps, they were simply selecting something from the Wave created Chart of Accounts (which was limited), or perhaps a user simply choose something that closely matched what they desired (but wasn't spot on), or perhaps a user simply chose a random account simply because they could just re-name it, and it didn't seem to matter which original account they chose.
In order to upgrade users, the accounts in the old version were mapped to the corresponding account and sub-type in the new version. It's not always possible for for the system to interpret a custom-named account and map it in the way it was originally intended by the user. So, re-named accounts sometimes end up mapped to the wrong place. In the terms of our previous example, when the user's Wave account gets upgraded, the "My Checking Account" would get mapped to the original as it appeared in the old version — the Money in Transit account.

There are a couple ways that you can resolve this, but in any case, the first thing you'll need to do is create a new account on your Accounting > Chart of Accounts page. This should be the account that you want your transactions to appear in. For example, if your transactions were under a Cash and Bank account in the older version of Wave, but are now in a Money in Transit account, you should create a Cash and Bank account and give it your preferred name ("My Checking Account," or something like that).

After that, you can either:
• Change the account for all of the impacted transactions. If this is a cash and bank account, this can be done by using the bulk-edit feature on the Accounting > Transactions page.
• Create a Journal Transaction to move the total from the old account to the new account, and carry forward using the new account.
• Delete, and then re-import transactions into the correct account, by manually uploading bank statements, or by connecting your bank account.