Use these steps if you find that you have accidentally categorized an asset as a fixed asset and want to change its classification before it is placed into service.
From the fixed asset listing, use the drop-down menu in the upper left corner to choose "Assets Waiting to Be Placed Into Service."
Choose the asset you want to edit by clicking the asset number.
Now choose the Cancelled Before Placing in Service button in the upper right corner.
This screen will essentially reclassify the asset to any account you want (but more than likely an expense account). Fill in the information and choose the Yes button.
