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Level 1

How do I show that I have sold a fixed asset?

The asset that we sold has already been fully depreciated. 

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Best answer 10-15-2018

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Level 2

How do I show that I have sold a fixed asset?

You will need to remove the asset and the accumulated depreciation from your books with a journal entry: you would debit the accumulated depreciation, credit the asset that was sold, debit the cash account (I am assuming you received cash) and finally credit you gain on sale of asset - this should be an other income account type. Since your book balance is at zero if fully depreciated the cash received would be a gain.

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Level 2

How do I show that I have sold a fixed asset?

You will need to remove the asset and the accumulated depreciation from your books with a journal entry: you would debit the accumulated depreciation, credit the asset that was sold, debit the cash account (I am assuming you received cash) and finally credit you gain on sale of asset - this should be an other income account type. Since your book balance is at zero if fully depreciated the cash received would be a gain.

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Anonymous
Not applicable

How do I show that I have sold a fixed asset?

What if it's not fully depreciated and we sold it on an installment sale? In other words, what if we got a down-payment upon sale, and then received monthly payments?
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Level 1

How do I show that I have sold a fixed asset?

The cash received line would be reduced to the down payment and you would need to create an Accounts Receivable entry for the balance of the sale price outstanding.

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Level 1

How do I show that I have sold a fixed asset?

so I have done this for two assets sold in 2018, but these assets are still showing up on the balance sheet for 2019 (with a $0.00 balance). Do I need to make them inactive? Is that the only way to actually get them "off" the balance sheet as far as the visual report is concerned? 

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Level 1

How do I show that I have sold a fixed asset?

When I run financial reports, I choose the drop down option at the top to show only non-zero rows, otherwise the report is unnecessarily long. Maybe that helps?

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Moderator

How do I show that I have sold a fixed asset?

It's good to have you here in the Intuit Community, mightygrow, Thanks for joining the thread and sharing some insights.

 

You are correct! To have those Fixed Assets no longer be showing on the Balance Sheet report, you can customize the report and filter Rows/Columns into a Non-zero.

 

In that way, it will hide zero balance items in the balance sheet report.

 

To do this task stellabookkeeping, here's how:

  1. Go to Reports.  
  2. Select Balance Sheet report.
  3. Select Customize, Click the Rows/Columns link.
  4. In the drop down arrow of Show non-zero or active only, choose Non-zero for rows and columns.
  5. Click Run report.

That's it! If there's anything else you need help with. Please let me know. I'd be happy to further assist.

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