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Join nowI’ll help you record the payment in QuickBooks, @yamileth-palletm.
In QuickBooks Online, you can create a journal entry to record the payment and eliminate the asset from your records. This way, the program will completely remove all traces of this asset from your balance sheet.
Here’s how:
Before performing the steps, I’d recommend contacting an accountant. They can provide additional information to ensure books remain accurate.
You might want to visit this reference to learn more about assets in QuickBooks: Assets and liabilities. It has details that can help you make better financial decisions.
If you have any other questions or concerns besides entering asset payment, just let me know. I’ll be here anytime to help. Have a good one!
You will create a journal entry. You will not credit sales unless you are in the business of buying and selling vehicles.
Your entry will look like this:
Debit Cash Account
Debit Accumulated depreciation
Credit Asset
Credit Other income
Credit or Debit Loss or Gain on sale of vehicle
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