how do I record selling a fixed asset?

Serena TheologidisSerena Theologidis Member Posts: 5
how would I record selling fixtures and fittings? for $2500. The asset at cost is 6000 and depreciation is 4000

Comments

  • CharleyCharley Member Posts: 549 ✭✭
    edited January 4
    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 TheologidisSerena Theologidis Member Posts: 5
    edited November 2014
    so make an 'other income account' called gain on sale, then figure out the difference to balance out to 0?
  • CharleyCharley Member Posts: 549 ✭✭
    edited January 4
    that's it though your asset account will show the difference going the other way
  • Serena TheologidisSerena Theologidis Member Posts: 5
    edited November 2014
    Thank you!
  • Serena TheologidisSerena Theologidis Member Posts: 5
    edited November 2014
    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
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