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Community Contributor *
SOLVED

Mistake when adding an existing asset

Hi,

 

Hope this is the suitable topic to post this too..

 

I am in the process of moving a set of accounts for an existing company from spreadsheets to QBO. I was going back to enter the fixed assets and make a mistake with entering the cumulative depreciation (I transposed two figures - my fault) and didn't spot it until after I had created the asset account.  The original cost is correct, but the balance sheet is wrong.   How can I correct this?  Is it safe to just delete or asset accounts and start again or will that mess up the accounts?

 

Could I do a journal (from where) to that asset depreciation account to correct?

 

Thanks

 

Chris

 

Best answer 3 weeks ago

Accepted Solutions
Community Contributor *

Re: Mistake when adding an existing asset

Thanks, worked perfectly

 

Chris

 

 

3 REPLIES
QuickBooks Team

Re: Mistake when adding an existing asset

Hello, ucsdcpc,

 

Yes, it is a suitable topic to post and you've come to the right place to get it answered. I'd be happy to lend you a hand in correcting the balance of your accounts.

 

I'd like to begin by thanking you for the details and screenshot that you provided. I want to guarantee that I provide you with the best solution, and this is exactly what I need to accomplish that.

 

Ideally, the appropriate way to safely correct this is to delete the transactions in the affected accounts and then delete the said accounts. The following steps below will help you with that process.

 

To delete the transactions in the account:

  1. Click Accounting in the left pane.
  2. Find the account, then select View register.
  3. Highlight the transaction by clicking it.
  4. Hit the Delete button.
  5. Click Yes, then repeat this process for the other transactions.

To delete the account:

  1. Click the Gear icon.
  2. Under Your Company, select Chart of Accounts.
  3. Find the account you need to delete.
  4. From the Action drop-down menu, select Delete.
  5. When asked if you want to delete, select Yes.

For additional information about this and deleting accounts, I recommend the following these articles:

With these steps and articles, you'll be able to correct your records in just a few clicks. I know you've got this!

 

Although, if you're not comfortable doing this, you may actually do journal entries to correct them. It's an easier path, but I'd recommend getting in touch with an accounting professional for a personalized opinion. 

 

They can make suggestions for handling those accounts and transactions. Our Intuit Find-A-ProAdvisor site allows you to find certified professionals in your local area that are sure to have the answers you're looking for.

 

Keep me updated on your progress with this, I'm here to ensure your success. Thanks for reaching out, and have a wonderful weekend.

Community Contributor *

Re: Mistake when adding an existing asset

Thanks, worked perfectly

 

Chris

 

 

QuickBooks Team

Re: Mistake when adding an existing asset

Hello there, ucsdcps.

 

I'm happy to see you getting back to us on what the results are Please remember the Community team is always here anytime you need help. Wishing you and your business great success.