Deleting/Modifying Assets

[antioch-alexandria]

We have a rent house that has been demolished and I want to remove it from our list of assets in the chart of accounts. When I try to delete it, it tells me that account transaction history exists, which it does. How do I remove it? Also, we purchased a new air conditioning system that needs to be updated with the new figures, but I don't know where to look to make the changes. I was thinking that I could find this listed under record keeping/inventory, but there is absolutely nothing there. The only place I see it listed is also in the chart of accounts. Appreciate your help!

[NeilZ]

We have a rent house that has been demolished and I want to remove it from our list of assets in the chart of accounts. When I try to delete it, it tells me that account transaction history exists, which it does. How do I remove it? Also, we purchased a new air conditioning system that needs to be updated with the new figures, but I don't know where to look to make the changes. I was thinking that I could find this listed under record keeping/inventory, but there is absolutely nothing there. The only place I see it listed is also in the chart of accounts. Appreciate your help!

1. You can't delete an account, you can only make it inactive. Frankly, its because you need to keep it around for audit reasons.
2. As far as the A/C system, if you have an existing asset account, you need to create a transaction in Fund Accounting to DEBIT the Asset, and CREDIT the Fund Balance or Equity account it's tied to for the change in value.

[antioch-alexandria]

Thanks so much, that's what I needed.