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how do I record selling a fixed asset?

Serena Theologidis

how would I record selling fixtures and fittings? for $2500. The asset at cost is 6000 and depreciation is 4000

Comments

Charley

If you have it in your 'fixed asset item list' then just make a sales receipt/invoice from that. It looks like you'll end up with a profit on sale which you might need to journal out of the asset account into an income account

Serena Theologidis

so make an 'other income account' called gain on sale, then figure out the difference to balance out to 0?

Charley

that's it though your asset account will show the difference going the other way

Serena Theologidis

Thank you!

Serena Theologidis

This reply was created from a merged topic originally titled how do I record selling a fixed asset?. how would I record selling fixtures and fittings? for $2500. The asset at cost is 6000 and depreciation is 4000