I just sold one of my tractors. I debited my bank account and "Loss on Sale of Fixed Assets" account (I sold it for slightly less than my book value), and credited the parent account for the tractor (not the depreciation account of original cost account). Two questions... 1. Does it look like I recorded the sale properly? 2. Can I make the account (well, three accounts - tractor, depreciation, and original cost accounts) inactive? I understand that QBO will make an "adjusting transaction" to keep the financial information on the books, but other than that I'm not sure what that means. Thanks.