Deleting an Asset, but keeping the transactions

I'd appreciate someone's opinion on how I should handle eliminating 3 assets, but I want to keep the transactions that made up the asset balance.  I have been a Quicken user since 1995, and usually I figure something out (accounting classes in college), but this has me stumped.

Years ago, we bought 3 timeshares.  We paid them off over time, and I made the mistake of listing each one as an asset, instead of expensing every transaction.  A couple of years ago, we managed to get of the timeshares.  I want to delete them as an asset (how do I do that, never done that before) but I want to keep the transactions, because if delete the asset I'm afraid I will delete the transactions, and that will throw off my checking transactions for each year.

Am I explaining what I'm trying to do? 

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Answers

  • GeoffG thanks for your quick response.  I've thought about reducing the asset value, but then wouldn't I have to increase something else?  I'm thinking of my double entry accounting days.

    Say, Timeshare A I have listed as an asset with a value of $5000.  I reduce it by $5,000, but isn't there another entry I have to make too?

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited April 2019
    GeoffG thanks for your quick response.  I've thought about reducing the asset value, but then wouldn't I have to increase something else?  I'm thinking of my double entry accounting days.

    My suggestion is to record a Transfer to/from the account itself.
    To reduce the value of an asset by $5,000 - enter a transaction in the asset account with a value of -$5,000 (negative) and for the category, enter [<acct name>]. This $5,000 simply disappears - no expense (or income) and no cash flow.

    I typically use this type of transaction to record appreciation (or depreciation) of my home value or to record depreciation of an automobile.


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