Forum Discussion

Ravinder's avatar
Ravinder
Experienced User
3 years ago

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. 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  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?

 

Thanks for helping in advance.

 

Kind Regards

Ravinder

  • 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

  • The_Doc's avatar
    The_Doc
    Ultimate Cover User
    3 years ago

    Hi Ravinder 

     

    Try deleting - MYOB will tell you whether you can - if you have journals/entries MYOB will not allow you to delete.

     

    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.

     

    2-9000 ****** unused accounts

    Just renumber.

     

    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.

     

    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.

     

    The Doc

    • 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

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