Book Keeping Task/Deleting fixed asset categories
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< Book Keeping Task(Difference between revisions)
(New page: Sometimes we want to stop tracking a particular category of fixed assets. This should only be done if the asset is fully depreciated. The depreciation account and the asset account shoul...) |
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This will create journal entries for both deletions. | This will create journal entries for both deletions. | ||
| - | + | The last time this was done, the journal entries were modified for clarity | |
| - | + | * weird journal entries 2018-10-17 $964.70 deleting avalanche transceivers | |
| - | + | ** unnumbered journal entry | |
| - | + | *** "Created by QB Online to adjust balance for deletion" | |
| - | + | *** $964.70 DR "EQUIPMENT:Avalanche Transceivers (deleted):ACC Dep'n Avalanche Transceivers 20% (deleted)", CR "3000 Opening Bal Equity" | |
| - | + | ** unnumbered journal entry | |
| - | + | *** $964.70 CR "EQUIPMENT:Avalanche Transceivers (deleted)", DR "3000 Opening Bal Equity" | |
| - | + | ** These transactions are related to deleting the fully depreciated account. They offset each other. For clarity a memo should be added and the date changed to the start of the financial year. | |
| + | ** Would throw out reconciliations; But only for "Opening Bal Equity" which we don't reconcile, and the two transaction balance each other out, so reconciliation wouldn't be out anyway. | ||
| + | |||
| + | May be easier to have just one journal entry moving depreciation into parent account which would then become $0.00. Deleting that might not automatically create a $0.00 journal entry against Opening Balance. | ||
Current revision
Sometimes we want to stop tracking a particular category of fixed assets.
This should only be done if the asset is fully depreciated.
The depreciation account and the asset account should be deleted.
This will create journal entries for both deletions.
The last time this was done, the journal entries were modified for clarity
- weird journal entries 2018-10-17 $964.70 deleting avalanche transceivers
- unnumbered journal entry
- "Created by QB Online to adjust balance for deletion"
- $964.70 DR "EQUIPMENT:Avalanche Transceivers (deleted):ACC Dep'n Avalanche Transceivers 20% (deleted)", CR "3000 Opening Bal Equity"
- unnumbered journal entry
- $964.70 CR "EQUIPMENT:Avalanche Transceivers (deleted)", DR "3000 Opening Bal Equity"
- These transactions are related to deleting the fully depreciated account. They offset each other. For clarity a memo should be added and the date changed to the start of the financial year.
- Would throw out reconciliations; But only for "Opening Bal Equity" which we don't reconcile, and the two transaction balance each other out, so reconciliation wouldn't be out anyway.
- unnumbered journal entry
May be easier to have just one journal entry moving depreciation into parent account which would then become $0.00. Deleting that might not automatically create a $0.00 journal entry against Opening Balance.
