How to remove 'Other Asset"

Hi JW,

Thanks for taking a moment to describe your situation with this organization turning to a nonprofit and you now being able to write the investment off as a loss. I know how important it is to get these kinds of details right, so I'll point you in the right direction to get guidance on recording this in QuickBooks Desktop.

When you're working with these sorts of questions, especially when you want to use a journal entry, it's ideal to consult an accountant to learn the best steps to take for your books and the correct accounts to use on the journal. As a member of the QuickBooks Team, I can point you to articles like Create a journal entry in QuickBooks Desktop for Windows, which take you through how to use the journal feature in the program, but when it comes to picking accounts and figuring out the best way to record something, I leave that to the pros.

An accountant, especially one that knows QuickBooks Desktop, would be a wonderful asset in this situation, so I'd like to direct you to our Find an Accountant page. With that page, you can use your city or postal code to find QuickBooks-certified accountants near you. You may still get responses from other users with ideas on this thread, however, for more immediate assistance, feel free to browser that directory.

I wish you the best with working through this situation. Have a great rest of your day.