How do I close inactive asset or loan accounts?
You may decide you longer need an account for an asset that you've sold, or a loan that you've paid off.
It's best to reconcile the transactions in this account before you close it. Doing so lets you retain your records about the asset or loan so you have proper documentation in the event of an audit, yet you can exclude the asset or loan from net worth reports.
You can also set up a filter to exclude the transactions you cleared in the account.
- Open the register for the asset that you've sold or the loan that you've paid off.
- Click in the Clr column. When the message appears asking if you want to reconcile this account, select Don't Show this message again and click No.
- Click twice in the Clr column of transactions representing the purchase and the sale of each item that's inactive. The entry in the Clr field changes to c and then to R.
- Click Save.