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.

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? 

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?

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.

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

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.

• Manage default and special accounts in your chart of accounts.

• Remove accounts you no longer use.

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

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.

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?

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