Fixed Assets Still Showing After Disposal

I sold property in 2020 and disposed of them according to the guide. In 2021, It is still showing as negative on the fixed assets and negative on the owners equity.

When you purchased the asset, how did you enter it then?
If you started using Manager after the business started / asset was purchased did you include it in the starting balance?

It was purchased before I started using Manager. It looks like I entered cost in.

Show the transactions for one of the disposed assets

You have other issues. You have depreciated some of your assets more than their cost, which would create negative book value. That is an accounting impossibility. From your Fixed Assets tab listing, this amounts to -%15,854.02, nearly the balance of the Fixed assets account. Depending on the dates of depreciation entries and disposals, the difference could be marooned on your Profit and Loss Statement in the Fixed assets - loss on disposal account.

Also, it looks like you have excluded zero balances on your balance sheet. If so, can you show the balance sheet with all accounts?

The issue appears to be with this entry.

I believe it is because I sold the property after the date of disposal. I corrected it so they are the same date. I think I used the date the closing was scheduled instead of the date it actually did.

Below is the new screenshot. Does this look correct?

Selling the property after disposal certainly explains at least some of the problem. Disposal zeros out the book value by removing acquisition cost and accumulated depreciation from the balance sheet and transferring the net difference to Fixed assets - loss on disposal (or any other account you may have designated). If you then receive money against that fixed asset, you will definitely end up with a negative value in its asset registry. In effect, the business owes money to the asset.

But you have not included enough information to know if everything is correct with regard to this fixed asset. Specifically:

  • Your screen shot in post #3 shows an acquisition cost of 6,880.05. How was that entered? It does not show up in the asset’s subsidiary ledger in posts #7 and #8.
  • Likewise, the screen shot in post #3 shows accumulated depreciation of 8,177.38. But the drill-down shows no opening balance and no depreciation entries.
  • The subsidiary ledger begins with a debit balance of 22,380.05, and that was apparently the book value at disposal. Where did this figure come from?

The information you have shown so far is at too high a level. So let’s start by looking at more useful information:

  • A screen shot of the Edit screen for the fixed asset, 508 Butler.
  • A screen shot of a drill-down on the acquisition cost figure in the Fixed Assets tab for 508 Butler (rather than from the Summary page).
  • A screen shot of a drill-down on the depreciation figure in the Fixed Assets tab for 508 Butler.

@dalesamples, your last 3 screen shots all look correct. You said you believe the error was caused by sale of property after the disposal date and that you corrected that to the same date. Does the balance sheet now look correct? If so, based on these last 3 screen shots, everything looks good.