Welcome to the Community space, Magroy. We'll help you record a fixed asset sold inside QuickBooks Online (QBO).
In QBO, you can create an income account and enter Gain/Loss on asset sales as the account name. If the fixed asset is subjected to depreciation, you'll want to calculate and post partial-year depreciation and create a journal entry. We'll gladly outline the steps to get you going. To create an income account, these are the steps:
- Access your QuickBooks Online company.
- On the left navigational bar, click the Transactions tab and choose Chart of accounts.
- Click the New button and then enter the name and the account type.
- Choose the detail type of the account.
- Enter the necessary information and then click the Save button once done.
If you're unsure about accounts, details, and asset depreciation calculations, it's best to work with an accountant who can provide guidance and help you complete the task. They can also provide other ways to handle this type of situation. If you don't have an accountant, we can help you find one. Visit this page: Find a QuickBooks ProAdvisor.
In addition, here's an article to help you record an asset depreciation inside QuickBooks: Depreciate assets in QuickBooks Online.
The Community space is open 24/7 if you need further assistance handling fixed assets inside QuickBooks. We are here to extend a helping hand. Stay safe, and have a good one.
