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COGS Accounts - Changing default account(s). Can I have multiple?
Hello,
I am charged with straightening out our inventory. We have several issues going on:
Changing Default COGS account(s) - We recently update our chart of accounts. When this was done, they didn't change the defaults for the internally generated costing transitions do they continue to post to the incorrect accounts. The implementation vendor informed me that in order make the change I need to do the following:
-All prior periods will need to be opened
-run a TB for all months
-Change defaults
-Rerun TB's
-Book adjustments/reclassing as the change will throw off the costing
My question is: Is this necessary or can I just go in and update the default accounts?
Bob Wilcox
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