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info1418
December 10, 2020
Question

Remove fixed assets from my quickbooks online and balance sheet

  • December 10, 2020
  • 1 reply
  • 0 views
I marked all my fixed assets inactive (super frustrating because they are still there), shows 'deleted' but they are still showing up on my balance sheet. This is extremely annoying. I want it removed from my balance sheet completely. On top of that, can someone explain how to properly use a fixed asset to reduce profits?

1 reply

C
Charies_M
December 11, 2020

I'm glad you made it here, info1418.

 

When an account like Fixed Assets is inactivated from the Chart of Accounts, you’ll still see inactive accounts and their transactions in the reports including the Balance Sheet. This is because QuickBooks wants to keep everything accurate.

 

Know more about inactivating accounts in QBO through this article: Delete an account on your chart of accounts in QuickBooks Online.

 

For your second concern on how to properly use a fixed asset to reduce profits, I suggest consulting your accountant regarding this matter. They can share their expertise on how to handle this. 

 

You can also find an accountant by clicking on this link: Find an accountant.

 

To help you with the future task and tips when using QBO, you might want to visit our Help Articles.

 

If there's anything I can help you with, feel free to drop me a reply below. Hope you have a good one.

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