cancel
Showing results for 
Search instead for 
Did you mean: 
office4
Level 1

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

The asset that we sold has already been fully depreciated. 

Solved
Best answer October 15, 2018

Best Answers
KH
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.

View solution in original post

11 Comments 11
KH
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.

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?
Super Farm
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.

stellabookkeeping
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? 

mightygrow
Level 2

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?

MirriamM
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.

9130348364910596
Level 1

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

What if we just don't have the asset any more, there will be no money received.

AlexV
QuickBooks Team

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

Thanks for joining this thread, 9130348364910596.

 

You can edit the fixed asset account and make it inactive. However, it's best to reach out to your accountant on how to properly handle this.

 

You can follow these steps:

  1. Go to the Accounting tab and select Chart of Accounts.
  2. Locate the Fixed Asset account.
  3. Click the drop-down under the Action column and select Make inactive.
  4. Select Yes to confirm.

You can also check these articles for your reference.

Keep on posting here if you have more questions. Stay safe!

btks
Level 5

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

You can still use the solution above.  You are "selling" the asset for $0 and this will remove it from the asset balance account.  I always note that the item was junked in the JE.

Leah Stout
Level 1

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

Hi,

We traded a truck for the purchase of a newer truck. The dealer paid the balance off  on the note we owed.

Do I just reverse the asset, reverse the depreciation and record the loss/gain?

 

Tia6
Level 1

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

I was leasing an equipment and then I paid it off and sold it. How should the sale be listed in QB? 

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us