New VP of Finance is looking to reorganize the chart of accounts to provide a more uniformed look for reporting. However, most of these accounts have been in existence within Sage for 5 + years.
They would also like to create subcategories within Long Term Assets eg "investments", "advances", "long term deposits" - but the related account numbers range from 1910 - 1989, and are all over the place.
Is it possible to reorganize these accounts and to create subcategories within the long-term assets?
The only way I can see this going to to move balances from one account to another and rename them (in order to use the account # I need) - but surely this would be incredibly messy and chaotic.
Is the only way to do this is to start a new company file? If this is the case, would I lose all historic transactions?
Please help, getting a lot of heat from management for this change and I don't know what to do. Using Sage 50 CAD edition, have the accountant's version.