Hi ChrisCJY When you purchased the item you should've created an asset account so you would create a sale using that item again and set the sale price or go to the item and enter it manually. We must make you aware that we're not accountants and that any advice that we provide should be qualified by a professional.There may be a community user that can comment on the thread.
Thanks for your reply. When we first bought the vehicle, I did create an asset for it. However, every time we have sold a vehicle in the past, we have done a part-exchange (so we have sold an old vehicle and bought a new one at the same time, and through the same transaction going through the bank, ie an outgoing payment on the bank account). However, this is the first time we have only sold a vehicle and not done a part-ex getting a replacement, so I don't know how to put it through QB as it is money coming in. When I double click on the asset for it, it looks to be similar to journal entry. Do I just try to put through the incoming payment as a minus on the asset to reduce it close to zero? If so, how do I add the VAT, is it a manual journal to get it to add onto the VAT100 please?
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