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Level 1

How do I delete a long term liability that I just created by mistake?

 
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Best answer March 08, 2020

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Moderator

How do I delete a long term liability that I just created by mistake?

Thanks for connecting with us, victoriawmurphy. 

 

You can make the liability account inactive. 

This will hide the account from your chart. Note that an adjustment on your opening balance will be added if an inactive account has balance. 

Here are the steps on how to make the long term liability inactive: 

 

  1. On the Chart of Accounts page, search the name of the liability account. 
  2. Click the drop-down arrow under Action column, then select Make inactive.
    Seach the account.PNG
  3. Choose Yes on the next prompt. 
    Yes.PNG

You may turn on account numbers in your chat of accounts, check this link to learn more. 

 

Visit us again, if you need anything else. 

View solution in original post

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Level 11

How do I delete a long term liability that I just created by mistake?

@victoriawmurphy 

 

If you've already created this account with a new opening balance transaction, you would want to delete that transaction before making the account inactive. In other words, you would want to make balance sheet accounts like long-term liability types before making the account inactive.

View solution in original post

2 Comments
Highlighted
Moderator

How do I delete a long term liability that I just created by mistake?

Thanks for connecting with us, victoriawmurphy. 

 

You can make the liability account inactive. 

This will hide the account from your chart. Note that an adjustment on your opening balance will be added if an inactive account has balance. 

Here are the steps on how to make the long term liability inactive: 

 

  1. On the Chart of Accounts page, search the name of the liability account. 
  2. Click the drop-down arrow under Action column, then select Make inactive.
    Seach the account.PNG
  3. Choose Yes on the next prompt. 
    Yes.PNG

You may turn on account numbers in your chat of accounts, check this link to learn more. 

 

Visit us again, if you need anything else. 

View solution in original post

Highlighted
Level 11

How do I delete a long term liability that I just created by mistake?

@victoriawmurphy 

 

If you've already created this account with a new opening balance transaction, you would want to delete that transaction before making the account inactive. In other words, you would want to make balance sheet accounts like long-term liability types before making the account inactive.

View solution in original post

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