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....
  • 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

      • 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

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