How to change the customer name for a project

1.how to change the customer name for a project;
case: once project created with a customer (wrong customer) ABC Sevices (2531) and invoice and revenues completed now client wants to change the customer to XYZ (2308)
Ans: we can do it  in two ways
Option 1:
in AR Customer-> Account Merge
with this we can merging the customers and the project which was in ABC now in XYZ and abc will be inactive
Option 2:
1. create new project with different number
2.transfer the expenditure items to new project from old(Material,Labour,Sub contract ,other overheads)
3.cancel the revenue and invoice and events from old jobs
4.create new invoice ,revenues
5.commitments has to create for new job
6.close old job