How can I correct a fixed asset on the balance sheet?

We paid cash for a vehicle Dec 2017. I added a fixed asset to chart of accounts. I added a total in the balance as of box and now I have too much money on my balance sheet. Then I did it again adding the vehicle as a sub-account of the fixed asset and again I entered a total in the balance as of box. So my balance sheet is messed up. Is there a way to fix it?

Asked on December 19, 2018 in Account Management.
1 Answer(s)

Hello Louise!

Thanks for asking a question on QASolved Community Forum.

  • Open the chart of accounts, for the subaccount select use register from the drop-down arrow far right, click in the transaction and select delete.
  • Then back in the chart of accounts, delete the sub-account.
  • Open the register for the original fixed asset account, click in the transaction
  • Select delete
  • Edit the cash payment you entered, as the expense select the car fixed asset account and save.
  • Delete any other accounts that may have been listed

Try not to use the balance box in the future – that is only used when you are setting up a company file from some other accounting system

QBO has had some problems deleting entries from accounts, let us know if yours does not work. You are also welcome to contact us at our Quickbooks Customer Help

Hope this helps.

Cheers!

Answered on January 25, 2019.

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