Answer / tgs100

There are two groups of accounts.
1. Balance sheet accounts - Asset, Liability and Equity
2. Income Statement Accounts - Revenue and Expense

If the mis-classification is WITHIN the group i.e asset type is classified as liability or vice versa, then impact is minimal. If the mis-classification is between the groups (Ex: liability is classified as expense), then impact is high.

At the beginning of the year, the balances of all the asset and liability code combinations from the prev year are rolled forward and the balances of revenue and expenses are made to zero.

Note: Oracle prevents changing of account type for a code combination once it is used .(You can change it for the account value, not for the account code combination)

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