Yes, you can make update the products and services item that will also flow through to past transactions as well.

Go back to the products and services information form and update the income account link.

From the home page screen

• Select the Company Gear (upper-corner)
• Select Products and Services under Lists header
• Locate Name and double click (or click edit button)
• Update/Change “Income Account” link

When you update the “Income Account” link, right below income account, there is a box that will read “Also update this account in historical transactions. You will just to need to check that box and Save. Done.

It will automatically update all historical transactions linked to this income account.

See screenshot photo for reference.