logo
Previous Thread
Next Thread
Print Thread
Joined: Jan 2004
Posts: 22,934
Likes: 4
BellaOnline Editor
Highest Posting Power Known to Humanity
OP Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Jan 2004
Posts: 22,934
Likes: 4
Back in 2004 I bought a Sony Laptop and the person who helps me with my taxes told me to put it into QuickBooks as a "fixed asset". Here it is 2010 and I don't even have that laptop any more, but I still have this line in my chart of accounts for "Sony Laptop" as a fixed asset that shows up on all my reports.

I can't change the original 2004 entry because it's long since been "rolled up" into a summary line and it can't be edited now.

How do I deal with this? How do I indicate this asset is long gone and shouldn't show up any more? I even tried inactivating the entry in the chart of accounts but it still shows up. Same with my Mustang loan which was paid off years ago, and I don't have that Mustang any more.

Help!


Lisa Shea, Low Carb and Video Games Editor
Low Carb Forum
Sponsored Post Advertisement
Joined: Jan 2004
Posts: 22,934
Likes: 4
BellaOnline Editor
Highest Posting Power Known to Humanity
OP Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Jan 2004
Posts: 22,934
Likes: 4
After a deal of research this is what I figured out to do.

First, I created a new Expense account and called it "Depreciation tracker". This is where the depreciation for an asset is kept track of. In balance sheets everything has to equal out in the end. If your asset loses value, something else has to gain value.

Then I created a journal entry for when that asset (the laptop) was no longer in use by me. I did this under Company - Make General Journal Entries.

For the Sony Laptop account, I gave it a *credit* of the purchase amount. This balanced out the expense of buying that item.

On the same journal entry, I matched that row with a row that went to the Depreciation Tracking account. I gave it a *debit* of the same amount.

Now my asset of "Sony Laptop" was zeroed out, and I could mark it as inactive on the chart of accounts. It no longer shows up on my balance sheets.

I want to note here that I am not an accountant, so if someone is doing this for tax reasons, they should always talk with their accountant


Lisa Shea, Low Carb and Video Games Editor
Low Carb Forum
Joined: Feb 2003
Posts: 14,392
BellaOnline Editor
Highest Posting Power Known to Humanity
Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Feb 2003
Posts: 14,392
You had a Mustang? huh. I didn't see you as a sports car gal. smile

Joined: Jan 2004
Posts: 22,934
Likes: 4
BellaOnline Editor
Highest Posting Power Known to Humanity
OP Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Jan 2004
Posts: 22,934
Likes: 4
You are so cute Jilly - I *only* drove Mustangs up until a few years ago!! I owned four in a row! Including one that I had an auto shop put blue racing stripes onto smile I was and am a HUGE Mustang lover.

Lisa's Mustangs



Lisa Shea, Low Carb and Video Games Editor
Low Carb Forum
Joined: Feb 2003
Posts: 14,392
BellaOnline Editor
Highest Posting Power Known to Humanity
Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Feb 2003
Posts: 14,392
How funny it is, how we perceive people and how we think of what kind of car they'd drive. I would have thought of you as a hybrid or Smartcar person, or maybe a subaru.

I am a truck/jeep kind of person.

Joined: Feb 2003
Posts: 14,392
BellaOnline Editor
Highest Posting Power Known to Humanity
Offline
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Feb 2003
Posts: 14,392
Holy moly Lisa! The smashed up black mustang? I can't believe you survived that!


Moderated by  Sandra Investing/HFinance 

Link Copied to Clipboard
Brand New Posts
Make It Sew Easier
by Cheryl - Sewing Editor - 03/27/24 04:34 PM
2024 - on this day in the past ...
by Mona - Astronomy - 03/27/24 01:31 PM
Planner Template Kit - Weekly Layout Template
by Digital Art and Animation - 03/26/24 07:39 PM
Planner Template Kit - Yearly Layout Template
by Digital Art and Animation - 03/26/24 07:37 PM
How to Use Digital Planner Template Kit
by Digital Art and Animation - 03/26/24 07:36 PM
Review - 20 Illustrator Color tips Helen Bradley
by Digital Art and Animation - 03/26/24 07:32 PM
March Equinox to June Solstice
by Mona - Astronomy - 03/26/24 12:27 PM
Hobotrader unleashes never seen opportunity with i
by Jamal molla - 03/26/24 11:55 AM
Psalm for the day
by Angie - 03/25/24 09:05 AM
Genealogy, Sort of
by Angie - 03/24/24 05:39 PM
Sponsor
Safety
We take forum safety very seriously here at BellaOnline. Please be sure to read through our Forum Guidelines. Let us know if you have any questions or comments!
Privacy
This forum uses cookies to ensure smooth navigation from page to page of a thread. If you choose to register and provide your email, that email is solely used to get your password to you and updates on any topics you choose to watch. Nothing else. Ask with any questions!


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2022 Minerva WebWorks LLC. All rights reserved.


Powered by UBB.threads™ PHP Forum Software 7.7.5