Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowI have a client that setup their two personal vehicle loans as fixed assets. They ran with that for almost a year. They should be removed and money spent listed as owners draw. How do I do this?
Hi there,
I'm here to guide you on how to delete a fixed asset and record an owner's draw in QuickBooks Online.
In QuickBooks Online Advanced, you can either dispose of or delete assets. The disposal option allows you to record the disposal of a fixed asset and calculate any gain or loss from its sale. Using this option means that the asset is no longer being used for generating income and has either been sold or scrapped. On the other hand, the delete option completely removes it from the fixed assets list along with its related transactions. This option is suitable for accidentally added assets.
Here's how to delete an asset:
Then, to record the money spent as an owner's draw, you'll need to set up an equity account first. Here's how:
Then, you can create a check in QuickBooks affecting the Owner's Equity account to record the money spent.
I'll leave these helpful articles for your reference:
For future use, here's a guide on generating reports to get a comprehensive overview of your business: Run reports.
Please feel free to leave a reply if you have any other concerns about managing assets and recording an owner's draw. I'll be right here to help you out.
Remove the fixed assets and transfer the balance to Owner's Draw/Capital - debit Owner's Draw/Capital, credit the fixed assets.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here