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Removing Fixed Asset from Quickbooks #631222
09/22/10 04:52 AM
09/22/10 04:52 AM
Joined: Jan 2004
Posts: 22,738
Lisa LowCarb Offline OP
BellaOnline Editor
Lisa LowCarb  Offline OP
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Joined: Jan 2004
Posts: 22,738
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
Re: Removing Fixed Asset from Quickbooks [Re: Lisa LowCarb] #631318
09/22/10 03:04 PM
09/22/10 03:04 PM
Joined: Jan 2004
Posts: 22,738
Lisa LowCarb Offline OP
BellaOnline Editor
Lisa LowCarb  Offline OP
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Highest Posting Power Known to Humanity
Joined: Jan 2004
Posts: 22,738
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
Re: Removing Fixed Asset from Quickbooks [Re: Lisa LowCarb] #631423
09/22/10 06:57 PM
09/22/10 06:57 PM
Joined: Feb 2003
Posts: 14,392
Verde Valley, AZ
Jilly Offline
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Jilly  Offline
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Posts: 14,392
Verde Valley, AZ
You had a Mustang? huh. I didn't see you as a sports car gal. smile

Re: Removing Fixed Asset from Quickbooks [Re: Jilly] #631427
09/22/10 07:05 PM
09/22/10 07:05 PM
Joined: Jan 2004
Posts: 22,738
Lisa LowCarb Offline OP
BellaOnline Editor
Lisa LowCarb  Offline OP
BellaOnline Editor
Highest Posting Power Known to Humanity
Joined: Jan 2004
Posts: 22,738
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
Re: Removing Fixed Asset from Quickbooks [Re: Lisa LowCarb] #631435
09/22/10 07:25 PM
09/22/10 07:25 PM
Joined: Feb 2003
Posts: 14,392
Verde Valley, AZ
Jilly Offline
BellaOnline Editor
Jilly  Offline
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Posts: 14,392
Verde Valley, AZ
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.

Re: Removing Fixed Asset from Quickbooks [Re: Jilly] #631438
09/22/10 07:30 PM
09/22/10 07:30 PM
Joined: Feb 2003
Posts: 14,392
Verde Valley, AZ
Jilly Offline
BellaOnline Editor
Jilly  Offline
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Highest Posting Power Known to Humanity
Joined: Feb 2003
Posts: 14,392
Verde Valley, AZ
Holy moly Lisa! The smashed up black mustang? I can't believe you survived that!


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