Record the sale of an asset in Personal Plus

  • 1
  • Question
  • Updated 7 months ago
  • Answered
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
Photo of Ann Conway

Ann Conway

  • 100 Points 100 badge 2x thumb

Posted 7 months ago

  • 1
Photo of Andrew Christie

Andrew Christie

  • 848 Points 500 badge 2x thumb
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
Photo of Ann Conway

Ann Conway

  • 100 Points 100 badge 2x thumb
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
Photo of Andrew Christie

Andrew Christie

  • 848 Points 500 badge 2x thumb
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
Photo of Ann Conway

Ann Conway

  • 100 Points 100 badge 2x thumb
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 
Photo of Andrew Christie

Andrew Christie

  • 848 Points 500 badge 2x thumb
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
Photo of Ann Conway

Ann Conway

  • 100 Points 100 badge 2x thumb
Thanks again Andy
Really appreciate your help
Ann