Delete Asset account

Question

Hi&nbsp;Could you please advise if I can delete the asset account (Motor vehicle)?&nbsp; I used this asset account only once in the year 2019 to claim depreciation for the vehicle used for business purposes.&nbsp;I am not using this account for the last 3 years and have not made any transactions. Now, I have sold this personal vehicle to someone a few months back.Later, I&nbsp; purchased another vehicle and registered that under the company name.Just wanted to clarify, can I delete that account (which is not used) from my Asset account list? how?&nbsp;Thanks for helping in advance.&nbsp;Kind RegardsRavinder

gavin12345 · Accepted Answer

Hi&nbsp;Ravinder&nbsp;&nbsp;A personal vehicle generally doesn't/shouldn't appear on a business balance sheet. As suggested discuss this with your tax adviser or accountant - they will know more about your business and your balance sheet and can advise where any amounts should be transferred to.&nbsp;&nbsp;RegardsGavin

the_doc · Answer

Hi&nbsp;Ravinder&nbsp;&nbsp;Try deleting - MYOB will tell you whether you can - if you have journals/entries MYOB will not allow you to delete.&nbsp;If this is the case it is best to simply make it inactive and renumber it into 'unused bucket at the bottom of liabilities - eg.&nbsp;2-9000 ****** unused accountsJust renumber.&nbsp;You can try combining with another account - sometimes I have a unused bin and combine the old account with this bin (if there are no entries nothing gets combined but it might allow you to rid this old account) - but if you have jobs associated - deleting accounts is almost impossible.&nbsp;I don't try anymore - because once you have turned on the flag with an entry into an account and then deleted this entry - MYOB often refuses to allow it to be deleted - most annoying - I just don't fight it anymore.&nbsp;The Doc

ravinder · Answer

Hi DocThanks for your prompt response.I tried to delete it, as it has a balance, but MYOB doesn't allow to delete due to a non-zero current balance (attached snapshot).Even tried to renumber it but can't change the number also as it is created under the 'fixed assets' account.&nbsp;Is there any other option to fix this issue?&nbsp;Kind RegardsRavinder

ravinder · Answer

didn't get any reasonable reply.&nbsp;Kind RegardsRavinder

gavin12345 · Answer

Hi&nbsp;Ravinder&nbsp;&nbsp;First you will need to do a general journal to transfer the balance to a different account - discuss this with your accountant. While the account has a balance it must appear in your balance sheet - otherwise the accounts won't balance. If the vehicle has been sold, your accountant can explain how to treat all of the amounts involved with the purchase, depreciation and disposal of the vehicle.&nbsp;Once the balance is cleared, as suggested by&nbsp;The_Doc, either re-number it and make inactive, or combine it with another account. When re-numbering, you can only re-number within the account class. So if the account is 1-2345, you can only re-number it to a different number starting with 1, for example 1-9998 'Unused Account'.&nbsp;RegardsGavin

ravinder · Answer

Hi Gavin&nbsp;Thanks for your help!As discussed before, it was a personal vehicle and after selling it, the amount has been used for personal use. Could you please advise how can I record this entry and which account should I transfer the remaining amount, so that the amount won't appear on the balance sheet?&nbsp;Kind RegardsRavinder

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Delete Asset account

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