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PE - Possible to create new accounts from contacts currently not assigned to an account

We originally brought in our contacts as contacts (not tied to an account) instead of accounts since these are B2C customers - which we now realize is not the best way to go. We have lots of activity histoy for each so don't want to do a mass delete and reimport.


We want to turn these contact into accounts - via the connector, we brought in the Contact ID and contact names - we then added the Account Name field (tried it by including the code and not including it) and populated that field with the Contact Name (we will use the same name for the Account as well). 


When we do the Update Selected Cells - we get an Invalid Label error.  Is it possible to do the above or are we do something wrong with the connector?


thanks in advance...