Forum Discussion

Ravinder's avatar
Ravinder
Experienced User
3 years ago
Solved

Delete Asset account

Hi  Could you please advise if I can delete the asset account (Motor vehicle)?  I used this asset account only once in the year 2019 to claim depreciation for the vehicle used for business purposes....
  • gavin12345's avatar
    gavin12345
    3 years ago

    Hi Ravinder 

     

    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. 

     

    Regards

    Gavin

Ravinder's avatar
Ravinder
Experienced User
3 years ago

Hi Doc

Thanks 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. 

Is there any other option to fix this issue?

 

Kind Regards

Ravinder

Ravinder's avatar
Ravinder
Experienced User
3 years ago

didn't get any reasonable reply.

 

Kind Regards

Ravinder

  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 years ago

    Hi Ravinder 

     

    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.

     

    Once the balance is cleared, as suggested by 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'.

     

    Regards

    Gavin

    • Ravinder's avatar
      Ravinder
      Experienced User
      3 years ago

      Hi Gavin

       

      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?

       

      Kind Regards

      Ravinder

      • gavin12345's avatar
        gavin12345
        Ultimate User
        3 years ago

        Hi Ravinder 

         

        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. 

         

        Regards

        Gavin

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