To remove a bankrupt or defunct security from the accounting system, we suggest a few basic steps:
1. Start by entering a sale of the security
2. Select the stock in question from the drop down menu, enter the date you wish to show it being sold. Click OK.
3. Enter the Sell transaction for ALL of the shares of stock for the sale price (TOTAL) of one dollar (1.00)
4. Enter the commission as one dollar (1.00)
5. Your proceeds will be zero (0)
6. Choose the account, generally the broker account.
7. In the remarks section, enter that the stock is 'Bankrupt' or 'Worthless'.
8. Click OK, and complete the sale.