If it’s fully-owned that means you should not have liability balance in your QuickBooks. But what about the asset value and accumulated depreciation?
You will need to remove the asset and accumulated depreciation from the books and also figure out the Gain or Loss on Sale of an Asset. See the screenshot below on how to set up this account.
You can write a Journal Entry in QBO to record this transaction.
Let’s say you sold the vehicle for $2,000
The original Cost is $10,000.
Accumulated Depreciation is $9,000.
Gain on Sale of an Asset is $1,000. (Gain is credit. Loss is debit)
Your Journal Entry will look like this…see the screenshot below for reference.
Also, make sure depreciation expense is up-to-date. That will change the accumulated depreciation amount if it’s current.
Your account will be immediately converted to view only access after you cancel the subscription. It’s highly recommended exporting reports and lists (or printing your data) before canceling the subscription. Also, you can access your data within one year from the date you cancel the subscription.
Here’s how to cancel the QuickBooks Online QBO subscription:
Log in to your account as an admin user. Then, go to the Gear icon and select Account and Settings under Your Company.
From the left side, select the Billing & Subscription tab.
Click Cancel subscription or Cancel your trial depending on the service you’re using.
Follow the steps on the screen to cancel your subscription successfully cancel your subscription.
In case, you don’t see the cancel link, call them.
You can also check out this article to get more information about what would happen to your data after you cancel the subscription.