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The feature to update historical transactions is available for service and non-inventory items only.
If you're trying to change an inventory item, you'll have to toggle the transactions manually. This way, our program will recognize the new income account. Here's how:
Once done, you can pull up the Profit and Loss report and check if the transactions are added to the new income account.
Reach out to us again if you have other concerns. We're around 24/7 to help you. Take care!