Disqus Agexpert Accounting Questions Archive

Hey there, question about Capital Assets;

My question is whether I can go into my capital asset accounts and retroactively include assets without changing the account balance so that I can remove a couple assets sold during the year that had been purchased many years ago.

More info: I restarted the books in the 2014 version as my old books were in a much older version and the accounts were a mess.

I was pressed for time so with the Class 8 Equipment 1830 (and basically all the CA accounts) I just created an opening balance at the beginning with the ending amount of the previous year, and added assets as I went along which seemed to have worked fine.

But now I have sold a couple assets and I'm not sure how to reduce the amount of the equipment to remove them from the books. I put them as Misc Income until I could figure out how to remove them from my CA account and appropriately allocate the amount to the correct account.

Any insight into solving this issue would be greatly appreciated!