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Join nowOwner purchased a personal home in a prior year and the Personal Property was recorded as Fixed Asset on the company books. It has been paid for and depreciation accumulated for the last 2 years. Now the CPA want us to remove it from the Company books. How do I reverse the whole thing ?
Good Afternoon, @eSGlobal.
I've got you covered. All you need to do is void or delete the transactions and then make the account inactive or delete it. It's that simple. Here's how:
Delete Transactions
Delete Chart of Account
Here's an extra article that can help you along the way:
Should you need further assistance, don't hesitate to ask. I'm always here to lend a helping hand. Have a wonderful day!
Unable to delete these accounts as the entries were made 2 years ago. They are just now realizing this was a Personal Home, not a Company investment.
Hello, @eSGlobal.
You'd want to make sure that the account has a zero balance and no transaction such as an invoice, payroll, etc. is associate with it. This way, you can delete the account.
Let's run your Transaction Detail by Account report. From here, we can locate the transaction your CPA wants you to delete easily.
Once you have located the account and the transactions, you can follow the steps shared by my colleague, @Candice C, in deleting the transactions and the account.
I've added these articles to help you get your way around QuickBooks Chart of accounts window and reports page:
Get back to us here if you have other questions about managing your client's data. I'm always here to help.
The CPA says I can not delete the accounts. they must remain for audit purposes.
He wants the entries reversed in the current year but that is the only direction he provides.
I can reverse the Accumulated depreciation for the Current year but what entries should be made in the Current year for the Prior Year?
What about the cash we actually paid out to the mortgage company this year and in prior year?
What account do I offset the FA to zero the account?
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