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To delete an asset account in QuickBooks Online that has a balance, it's crucial to understand the implications, as this may lead to hidden transactions. This topic is explored in more depth in a related video, "Hidden Transactions in QuickBooks Online." For the deletion process, begin by accessing the QuickBooks Online sample file, checking the profit and loss report across all dates. This will help identify the asset account in question among various income and expense accounts. The video tutorial aims to guide users through navigating these steps and emphasizes the importance of considering the consequences before proceeding with account deletions.