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Hi Lana, I have completed the capital asset setup in Partnership. Now I need to know how to clear the fixed asset figures in Class 10, Class 6 and Class 8 for the individual?
Hi Debbie!
This will likely turn out to be a fairly large transaction, but here is how you will accomplish it.
Go to your transaction entry screen. Set up a withdrawal, and enter your date, reference and description. Leave the Total as 0.00 so that nothing is taken from the bank account.
For each capital asset in the individual file, you will need to do a C- line, and remove the item for some sort of value (even if it is just a dollar). It might be prudent to do each class as a separate transaction, just to reduce the number of lines that could potentially be in the transaction itself.
Once each item is done, do a final line as a PD. You can offset this entry with something like "Personal - Other", or whatever account you feel is appropriate. Once recorded, those capital assets will no longer appear in your asset listing.
Let me know if you have any questions about this process. Thank you very much!