Record the sale of an asset in Personal Plus

Ann ConwayAnn Conway Member Posts: 4
I have sold some property and need to enter into Personal Plus. I have the property entered in the Property and Debt section of my Reckon file but do not know how to record the sale and subsequent gain or loss on sale. Thanks

Comments

  • Andrew ChristieAndrew Christie Member Posts: 160
    edited June 2019
    Hi Ann, I'd record a split 'receive' transaction (in your bank account) between the recorded value of your asset and 'income received' categories or even a 'profit on sale of assets' category
    Andy
  • Ann ConwayAnn Conway Member Posts: 4
    edited June 2019
    Hi Andy
    Thank you so much for your reply but I am still unclear as to how to enter this transaction
    I have gone to the bank where the funds were deposited and have clicked on the SPLIT tab in the transactions area but I cannot understand how to enter the buy price and the sell price in here and so close of the asset account and show the profit / loss on sale and the deposit of the funds into the bank
    I am new to reckon so I need a bit more step by step instructions 

    thank you Ann
  • Andrew ChristieAndrew Christie Member Posts: 160
    edited November 2017
    Dear Ann

    Say you sold the property for $100000 and you made $10000 profit based on the previously entered value (purchase price) of the property.

    Records as follows (using your own categories):

    Using the 'Bank' account where money was deposited enter a deposit of $100000

    Then 'split' the transaction.

    1st line of the split is the 'Property' account (look for 'transfer' account in the drop-down and enter $90000 (this is the current value of the property that you have entered in Reckon)

    2nd line is the 'Income' account where you would post any profit e.g. $10000

    After 'posting' the transaction, the property account in Reckon should be '0.00' and your 'income' account will have increased by $10000

    Andy
  • Ann ConwayAnn Conway Member Posts: 4
    edited November 2017
    Hi Andy
    thank you so much for your help
    I did the entry as you described but the only issue is that I end up with an amount in the property account because the property has been re valued each year on the 30th June as this is a SMSF account
    Each year I put the balance to an unrealised gain or loss account so would that be the place to put the balance of the property account??
    Ann 
  • Andrew ChristieAndrew Christie Member Posts: 160
    edited June 2019
    Hi Ann
    The entry in the first line is the 'current' value of the property account. That would clear the balance to zero. The second line would change accordingly.
    Andy
  • Ann ConwayAnn Conway Member Posts: 4
    edited November 2017
    Thanks again Andy
    Really appreciate your help
    Ann
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