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V
VernMitchell
February 7, 2023
Question

Removing fixed asset from balance sheet

  • February 7, 2023
  • 1 reply
  • 3 views

Hi all. I used a business check to purchase my personal residence and it still shows on my balance sheet under fixed assets. How can I remove it? I'm hoping a journal entry can be made because the business doesn't have enough cash to pay me back. Could the journal entry be backdated to 12/31/22 so I don't have to show it again in 2023? Thanks! 

1 reply

M
Maybelle_SQuickBooks Team
QuickBooks Team
February 7, 2023

I can help remove fixed assets in your balance sheet, @VernMitchell.

 

Yes, we can backdate the journal entry as long as the books weren't closed.

 

Here's how:

 

  1. Go to the Company menu.
  2. Select Make General Journal Entries.
  3. Fill out the fields to create your journal entry.
  4. Hit Save & Close.

 

I'd also suggest seeking assistance from your accountant. This way, they can help you create the journal entry and avoid messing up your balance sheet.

 

I've added this article on how to customize a report you've to generate in QuickBooks: Customize reports in QuickBooks Desktop.

 

Let me know if you need further help with creating a journal entry. I'm here to help. All the best.

V
VernMitchellAuthor
February 7, 2023

Thanks. What would the debit and credit be in the journal entry? 

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