Editing Book Keeping Task/Deleting fixed asset categories

From PCSAR

Warning: You are not logged in. Your IP address will be recorded in this page's edit history.

The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then save the changes below to finish undoing the edit.

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.

Please note that all contributions to PCSAR are considered to be released under the Attribution-Share Alike 3.0 Unported (see PCSAR:Copyrights for details). If you don't want your writing to be edited mercilessly and redistributed at will, then don't submit it here.
You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource. DO NOT SUBMIT COPYRIGHTED WORK WITHOUT PERMISSION!

Summary:

Cancel | Editing help (opens in new window)

Retrieved from "http://pcsar.dyndns.org:8080/mediawiki/index.php/Book_Keeping_Task/Deleting_fixed_asset_categories"

Editing Book Keeping Task/Deleting fixed asset categories

From PCSAR

Views

Personal tools

Navigation

Search

Toolbox

@@ Line 8: / Line 8: @@
 The last time this was done, the journal entries were modified for clarity
-* weird journal entries 2018-10-17 $964.70 deleting avalanche transceivers
+*** weird journal entries 2018-10-17 $964.70 deleting avalanche transceivers
-** unnumbered journal entry
+**** unnumbered journal entry
-*** "Created by QB Online to adjust balance for deletion"
+***** "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"
+***** $964.70  DR "EQUIPMENT:Avalanche Transceivers (deleted):ACC Dep'n Avalanche Transceivers 20% (deleted)", CR "3000 Opening Bal Equity"
-** unnumbered journal entry
+**** unnumbered journal entry
-*** $964.70  CR "EQUIPMENT:Avalanche Transceivers (deleted)", DR "3000 Opening Bal Equity"
+***** $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.
+**** 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.
+**** 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.