You can change a grade/ description on an existing contract item. Go to Maintenance > Adjustments > Single Purch/Sale Description /Acct.

Change Single Grade

Adjust one contract menu will come up. Choose the code you want to change.

Change Single Grade Select Description

Enter the old description. The first slot is for the code and the second is for if it's A, B, C, 2, etc. Pick Apply. You will see a process that CATS goes through, then return to the previous menu.

Adjust Purchase Account