Old Asset needs to be removed

Hey there, @mhcostigan.

You can delete the old transactions that shows in the Balance Sheet report. This way, you can completely remove them in your company file.

Here's how:

1. Open the Balance Sheet Standard report.
2. Look for the Software Cost and double-click its amount to view the transactions.
3. Double-click the old transaction that you wanted to be remove.
4. Once opened, click the Delete icon and click OK.

Please take note that if this transaction has been paid (partially or in full), it will cause the payments to be unapplied. 

If you have any other concerns or questions, just tag my name in the comment section. I'll get back to you as soon as I can. Have a great day and stay safe.

I'm neither an accountant nor a professional bookkeeper.  I'm a small business owner who keeps my own books.  Here's what works me.  It may be a similar (or same) approach to one of the earlier answers.

This works great for me and my business needs and removes old or sold fixed assets from my balance sheet.

First, I create two Equity accounts.  These two accounts will handle all old and sold assets that I want to remove from my balance sheet.

1. Removed Assets (Cost)

2. Removed Assets (Accumulated Depreciation)

When I have an old or sold asset that I want to remove from my balance sheet I create two journal entries in the year prior to the year I want to remove the asset from the balance sheet:

1. One journal entry zeros the accumulated depreciation of the asset and moves it to the Removed Assets (Accumulated Depreciation) account.

2. The other journal entry zeros the cost of the asset and moves it to the Removed Assets (Cost) account.  The cost in this case will be either the original cost of the asset or the remaining cost left over after selling the asset.  If you sold the asset, I'm assuming you book the sell of the asset in the same account where you track the original cost of the asset.

This technique nicely removes my old and sold assets from the balance sheet.  Yes, this technique adds two rollup accounts.  But, I find these rollup accounts useful for checking that all my assets have been fully depreciated.  I suppose that if you don't like the idea of seeing two equity accounts on your balance sheet, you could create just one equity account for both total cost of total accumulated depreciation of all your old and sold assets.  This single account should ideally net to $0 and then could be removed from the balance sheet.

Hope this helps.