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How can I correct a fixed asset on the balance sheet?

We paid cash for a vehicle Dec 2015. I added a fixed asset to chart of accounts. I added a total in the balance as of box and now I have to much money on my balance sheet. Then I did it again adding the vehicle as a sub-account of the fixed asset and again I entered a total in the balance as of box. So my balance sheet is messed up. Is there a way to fix it?


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Best answer 10-15-2018

Accepted Solutions
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Established Community Backer ***

open the chart of accounts, for the sub account select us...

open the chart of accounts, for the sub account select use register from teh drop down arrow far right, click in the transaction and select delete.  Then back in the chart of accounts delete the sub account

open the register for the original fixed asset account, click in the transaction and select delete

edit the cash payment you entered, as the expense select the car fixed asset account and save. Delete any other accounts that may have been listed

in the future do not use the balance box - that is only used when you are setting up a company file from some other accounting system

QBO has had some problems deleting entries from accounts, let us know if yours does not work.

View solution in original post

1 Comment
Highlighted
Established Community Backer ***

open the chart of accounts, for the sub account select us...

open the chart of accounts, for the sub account select use register from teh drop down arrow far right, click in the transaction and select delete.  Then back in the chart of accounts delete the sub account

open the register for the original fixed asset account, click in the transaction and select delete

edit the cash payment you entered, as the expense select the car fixed asset account and save. Delete any other accounts that may have been listed

in the future do not use the balance box - that is only used when you are setting up a company file from some other accounting system

QBO has had some problems deleting entries from accounts, let us know if yours does not work.

View solution in original post

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