Deleting/Removing an Asset Account that was set up erroneously
 

I'm not even sure if this can be done.

My company is a small construction firm that uses AccountEdge 2008 (MYOB) and I've been working here for several months now. Before hiring an accountant, the owner bought and set-up the company file himself.

He added the building we occupy as an "Asset account" the company owns. The problem is that the business does not own the building, it just pays the mortgage and interest payments (technically rent to owner), so we should have had an "Expense account" for the rent instead of the "Asset account" for the Building and corresponding "Liability account" for the Mortgage.

This obviously overstates our assets and liabilities anytime i try to make reports, and i have to manually do calculations to take off the appropriate numbers.

I want to change these accounts; delete the asset & liabilities and start using the appropriate expense account and I've been researching but i can't seem to find a way to do it without just starting a new company file. Obviously, i would like to avoid that because it would be very tedious.

I would appreciate suggestions on how to fix this problem.


Thanks.

Olivia