cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
9130 3574 9487 1940
Level 1

new fixed asset account created with opening balance in error

I mistakenly created a new fixed asset account with an opening balance and i want to either delete the newly  created fixed asset account or remove its opening balance that was created in error. 

1 Comment 1
RhoiceW
QuickBooks Team

new fixed asset account created with opening balance in error

Hi there. I can help you completely delete the accidentally created fixed assets in your QuickBooks Online (QBO).

 

The option to delete an account in your Chart of accounts is unavailable. However, you can make the account inactive instead. This option will still make the account deleted, and you won't be able to use the account anymore.

 

Here's how:

 

  1. On the upper right corner of your QBO, click the Gear icon.
  2. Select Chart of accounts.
  3. Locate the accidentally created account or search the account in the search field.
  4. Under the Action column, click the dropdown arrow. Click Make inactive.

 

I've also added a screenshot for your visual reference.

astitt.pngasit.png

 

Please know that the inactive accounts are considered deleted, and they'll still show on the list of accounts. If you don't want to show on the list, leave the box blank on the Include inactive option.

 

However, if you don't want to delete the account, you can edit the Opening balance instead.

Here's how:

 

  1. Go to the Gear icon on the top corner of your screen.
  2. Select Chart of accounts. Then, locate the account.
  3. Click View register. Find the journal that has the opening balance on it.
  4. Hit the transaction. Hit Delete or Edit  to remove the opening balance.

 

In addition, you can refer to this article to learn how to depreciate assets manually in QBO: Depreciate assets in QBO.

 

Comment on the post if you still have concerns about your fixed assets. I'm always here to help.