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

Serena Theologidis

120 Points

Posted 5 years ago

5 years ago

Charles van Rotterdam

9,872 Points

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

1 person likes this

5 years ago

Serena Theologidis

120 Points

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

5 years ago

Charles van Rotterdam

9,872 Points

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

1 person likes this

5 years ago

Serena Theologidis

120 Points

Thank you!

5 years ago

Serena Theologidis

120 Points

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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how do I record selling a fixed asset?

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