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Replying to:
qbteachmt
Level 15

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@Anonymous

 

The person asking, confused their Own Fixed Assets with "noninventory."

 

Fixed Assets get Disposed or taken out of Service. The Noninventory Item is considered a way to show you buy and sell, or simply sell, something. So, at most, the Selling of Fixed Assets could be a Noninventory item linked only to Income, and then they still need to address removing assets and recapturing depcreciation, etc, for the Balance Sheet events that are part of this.

 

So,. for instance, you would set up and use on Noninventory Type Item and name it "Used Office Equipment" for selling your own office equipment, which is not the same as being a business whose operation is to Buy and Sell office equipment. That's the different between Asset Sales and regular operations.

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