Microsoft KB Archive/943607

= Error message when you try to save an inventory item that has an on-hand quantity in Accounting Professional 2007 and in Accounting Express 2007: &quot;An active financial account must be specified&quot; =

Article ID: 943607

Article Last Modified on 10/22/2007

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APPLIES TO


 * Microsoft Office Accounting Professional 2007
 * Microsoft Office Accounting Express 2007

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SYMPTOMS
When you try to save an inventory item that has an on-hand quantity in Microsoft Office Accounting Professional 2007 and in Microsoft Office Accounting Express 2007, you may receive the following error message:

An active financial account must be specified.

Additionally, Accounting Professional 2007 and Accounting Express 2007 cannot create the expected offsetting journal entries for certain accounts.



CAUSE
This problem occurs if the following conditions are true:
 * One or more of the following accounts are inactive:
 * The Opening Balance Equity account
 * The accounts receivable account
 * The accounts payable account
 * The Cost of Goods Sold (COGS) account
 * The income account
 * The asset account
 * One or more of these accounts are configured for the item.



RESOLUTION
To resolve this problem, verify that all the accounts that are configured for the item are active. To do this, follow these steps:
 * 1) On the Company menu, point to Company Lists, and then click Chart of Accounts.
 * 2) Click the Current View arrow, and then click All.
 * 3) Right-click an account, and then click Open Selected Items.
 * 4) Next to Status, verify that the Active check box is selected. If the Active check box is not selected, click to select the Active check box.
 * 5) Click Save and Close.
 * 6) Repeat step 3 through step 5 for all the accounts that are configured for the item.

Note To determine the COGS account, the income account, and the asset account that are configured for the item, open the item. Then, note the values in the following fields:
 * 1) * COGS account
 * 2) * Income account
 * 3) * Asset account

Additional query words: MOA MOA2007

Keywords: kbtshoot kbprb kbmbsmigrate kbexpertiseinter kbexpertisebeginner KB943607

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