[GNC] Deleting an account

[Gyle McCollam]

Michael,
Thank you, I forgot about hiding accounts.  I'm aware there will be a capital gain, but since it is personal finance, it is not taxable, just as the depreciation was not deductible.  I just like to write off assets that go down in value over time.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of Michael or Penny Novack <stepbystepfarm at comcast.net>
Sent: Friday, April 14, 2023 6:31 PM
To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: Re: [GNC] Deleting an account

On 4/14/2023 4:51 PM, Gyle McCollam wrote:
> I have a fixed asset account for an automobile with subaccounts for the purchase cost and depreciation.  I am selling this car and purchasing a new car. How do I delete the old car from my COA without messing up the financials as there have been debits and credits to the 2 subaccounts.  The parent account at this point has a zero balance as the vehicle is fully depreciated.
>
You don't delete it (it would indeed mess up all those transactions)

It's no longer needed, balance is zero, just HIDE it. Do note that if
you dispose of this fully depreciated asset for a gain, you will have a
capital gain to record that transaction << but that wouldn't involve
this account >>


Michael D Novack


_______________________________________________
gnucash-user mailing list
gnucash-user at gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.