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immarkbernhardt
Level 1

Recording sale of domain name

This week I completed the sale of a domain name through a broker service and today I received the payout (equal to sale price minus broker fee minus transaction fee) via ACH. While on the "Bank transactions" screen I see I could reconcile simply by categorizing as "Sales" but is there a more appropriate way to record the disposition of such an asset?


Also, please forgive me if this already has been asked and answered. I searched before asking and the closest discussion I found was about the purchase of a domain name.

1 Comment
MaryLandT
QuickBooks Team

Recording sale of domain name

You're on the right track, immarkbernhardt

 

All you need to do is categorize the ACH transaction on your Banking page. To know what specific category, I recommend consulting your accountant for specific instructions.

 

If you don't have one, check out this link to find an accountant near you: https://quickbooks.intuit.com/find-an-accountant/.

 

Another way of recording the sale of the domain name is to set up your assets. Then, create a journal entry to track your assets and their depreciation. 

 

For instructions and detailed steps, check out this link: Depreciate assets in QuickBooks Online.

 

Learn more about reviewing bank entries through this article: Categorize and match online bank transactions in QuickBooks Online.

 

Let me know if there's anything else I can help you with this by commenting below. I'm always right here to provide the information you need.

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