Are the sales of my company's assets booked as income? Is the purchaser considered a customer or a vendor?

The sale of the asset should be recorded to clear the actual asset from your books. The purchase price of the asset minus the accumulated depreciation will give you the book value. Then the sale of the asset will determine if you got a gain or a loss on the sale.

Hi, @becky-dangel.

I'll share some information about the sales of assets. In addition to @SBAS4U's post, you can record a journal entry to debit and credit the correct accounts. I recommend consulting with your accountant to ensure you're using the right accounts where you can debit and credit the sales.

If you're unable to find one, check this link: Find ProAdvisor.

To create a journal entry, just go to +New, and then select Journal entry under Other.

In case you need help with reconciling your account, browse this link to go to the page. It has step-by-step instruction and video to guide you: Reconcile an account in QuickBooks Online.

Please drop a reply anytime below if you have follow-up questions or concerns with company assets. I'll be around for you. Take care.