Selling a fixed asset

Legacy KB ID: 1977

Question

How can I sell a fixed asset within QuickBooks?

Answer

Important! The following information should only be used as a guide and in no way be regarded as accounting information. Quicken recommends you discuss your accounting procedures with a professional and to check the Profit and Loss report and Balance sheet.

Entering the sale of a fixed asset

Before you enter the sale of a fixed asset, you need to know the value of the asset on your books. If you've been tracking the asset by name, create one or more QuickReports as follows:

  • If you've tracked everything about the asset in a single asset account, select the account in the Chart of Accounts, then choose Reports menu button > QuickReport. The report shows all costs and depreciation entries. The total amount is the current value. Make a note of this amount.
  • If you've tracked the accumulated depreciation of the asset in a depreciation subaccount, select the account in the Chart of Accounts, then choose the Reports menu button > QuickReport. The report shows all depreciation entries and the total depreciation for this asset. Make a note of the total depreciation.
  • If you've tracked the asset cost (or value as of your start date) in a different asset account, select the account in the Chart of Accounts, and double-click. Make a note of the cost (or starting value).
  1. Choose Company menu Make Journal Entry.
  2. Fill in the Date and Entry No. fields. The entry number field is an optional field, in which a number can be assigned to the journal entry to identify the transaction.
  3. In the Account column, choose the fixed asset account or subaccount where you track the cost (or starting value) of the asset.
  4. In the Credit column, enter the cost (or starting value) if you track depreciation in a separate asset account. Otherwise enter the current value of the asset as obtained from the QuickReport.
  5. Assign the appropriate tax code in the tax column.
  6. Select whether you would like the tax to appear on the tax reports as an input or output.
  7. (Optional) In the Name column, select a customer or supplier name from the drop-down list.
  8. If you track accumulated depreciation in a separate subaccount, fill in a second line.
    • In the Account column, choose the fixed asset subaccount where you track the accumulated depreciation of the asset.
    • In the Debit column, enter the total accumulated depreciation of the asset that you obtained from the QuickReport.
    • In the Name column, choose the name of the asset.
  9. Enter the selling price on the next line. 
    • In the Account column, choose the bank account in which you deposited the money from the sale.
    • In the Debit column, enter the actual amount you deposited. This amount may be higher or lower than the current value.
    • In the Name column, choose the name of the asset.
    • Press TAB so that QuickBooks fills in the difference in the Debit or Credit field of the next line.
  10. Enter the net gain or loss on the next line. 
    • In the Account column, choose the other income account for capital gains and losses.
    • In the Name column, choose the name of the asset.
  11. Save the entry.


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

Transfer credit from one Customer:Job to another Customer:Job

Illegal Operation QBW32.exe caused an invalid page fault in module QBWIN32.dll

Related Articles

How to specify lots when selling a share in Reckon Personal
Cant link new Asset account to a new Liability account in Reckon Accounts Personal
When I enter a Transfer between two accounts or an asset purchase, the tax does not appear on the BAS or on the Tax Reports
Powered by HelpDocs (opens in a new tab)

Powered by HelpDocs (opens in a new tab)