Hi Deepti,
1. If you are using a correction journal entry, it will affect both the GL accounts and the corresponding Cost Elements and all the cost objects and CO account assignments you made for the GL account / Cost Element combination. Therefore, there will be a debit and credit entries in the Cost Center WBS Elements.
1.1. You can repost transactions in CO using KB11N if any minor discrepancies arise. This will not hit accounting document, if both the cost centers are under the same company code. But, you will get correct CO documents / reports. It is important to make sure that all other settings (clearing / correct profit center / cost center) or assignments are dong properly for the new GL account / CE. Check all the CO objects and assignments in OKB9 and settings in OBYC and the FSG used for new GL account in FS00.
2. The error message is a result inconsistencies with the settlement rule related to revenue / down payment. Sometimes, you may get this error even if you have zero balance in your cost element account due to adjustment entries. Check the source in the allocation structure, and use the source structure to settle costs and revenue to different receivers separately by creating separate assignment lines in it.Otherwise, the system will try to settle to the all the receivers and error will come.
Please also go through SAP note 741828.
Thanks,
Unnivelan.