Rustler
Level 15

Reports and accounting


@burnsjm1988 wrote:

Yes, put to the trash.  I have made them inactive but they still show up on the BS.

 


You have to make an entry to get them off the balance sheet, set the accounts to active

create an income account called gain/loss on assets

journal entries (in the memo block of each, enter something like "asset disposed of in trash"

debit gain/loss for the value in the accumulated depreciation account, credit gain/loss

debit gain/loss, credit the fixed asset account for the value in that account

then you can make the zero balance fixed asset and accumulated depreciation accounts inactive

gain/loss should show a zero balance if cost was fully depreciated