Clearing an asset balance
Posted: Fri Apr 04, 2025 9:06 am
Apologies if this has been answered elsewhere - a forum search didn't yield any results.
I ma trying to work out how to clear an asset balance, in the case in relation to a car.
The car was purchased for £28,000 and later sold for £24,000. The purchase and sale transactions were processed as transfers to and from a bank account, which leaves a £4,000 balance on the asset.
What is the best way to clear this?
I assume it is to post a transaction for £4,000 as an expense?
Is there a way to "dispose" of the asset so that it no longer appears on the dashboard?
Thanks, Ian
I ma trying to work out how to clear an asset balance, in the case in relation to a car.
The car was purchased for £28,000 and later sold for £24,000. The purchase and sale transactions were processed as transfers to and from a bank account, which leaves a £4,000 balance on the asset.
What is the best way to clear this?
I assume it is to post a transaction for £4,000 as an expense?
Is there a way to "dispose" of the asset so that it no longer appears on the dashboard?
Thanks, Ian