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burnsjm1988
Jan 25, 2019 8:14 PM UTC
Question

Fixed Assets

Could not find this specific question/answer in the topics on Assets.  So, my balance sheet has fixed assets that have been fully depreciated and have been retired years ago on it.  We did not sell them or trade them in, just disposed of them.   How do I remove them from my balance sheet in QB desktop 2017?

4 replies

john-pero
john-pero
Level 12
Jan 25, 2019 8:49 PM UTC

If you still own them they would remain on the balance sheet. They effectively have a zero value even if you retain the acquisition value as the asset value and post all accumulated depreciation in a single account (I do).

 

Disposed of is different. How disposed? Put out with trash? Put them on a Sales Receipt at zero sales price. Taken to recycle for $100/ton? Sell them for salvage cost and recover the depreciation taken as ordinary income (or just claim the cash as income, still selling them at zero)

 

Final step is making them "inactive"

burnsjm1988Author
Jan 25, 2019 8:57 PM UTC

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

 

burnsjm1988Author
Jan 26, 2019 1:10 PM UTC

Any further insight on how I can remove "trashed" fixed assets from QB so they do not show up on my balance sheet even after making them "inactive"?

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