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Can you easily rename Entities

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Summary:

We are in the process of rebuilding our ERP and moving on premise Planning onto EPBCS. As part of that change the Company codes are being changed. We already have an existing FCCS app with 4 years worth of data including journals etc. Can we rename the Entities (not just change the alias). Or is that problematic? I know with on premise ASO apps it is an issue but BSO it isn't. Our app is Hybrid.

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