what happens if i change cost category for account will it change item retroactively

AI generated answer (using internal Slack threads):

Based on the conversations, changing the income account for an item in NetSuite will have the following effects: 1. It will update the account on all existing transactions, including open and closed transactions, as well as transactions where the period has been closed. This is because NetSuite treats the change as retroactive. 2. If you want the change to only affect future transactions and not historical ones, the recommended practice is to inactivate the current item and create a new one with the new account. This way, the new account will only be associated with the new item moving forward, and the historical transactions associated with the old item will remain unchanged. 3. However, creating a new item might result in losing the transaction history associated with the original item. To avoid this, you can make the change right after closing a period, as it only updates transactions in the open period. 4. For open periods, you could use an allocation schedule which reclassifies the income account of the inactive item to the income account of your new item. Please note that changing the income account, especially if transactions exist over closed periods, is not generally recommended due to the potential for causing issues with your accounting records. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******