Removing Equipment form Assets

Hello there, Kevin_TK.

I'll share some additional solutions to ensure you'll be able to track assets correctly in QuickBooks Online (QBO).

You can enter journal entries for entering transactions, this will help you move money between accounts and balance your balance in specific ways.

1. Go to the Company menu.
2. Choose to Make General Journal Entries.
3. Enter the journal details.
4. Click the Save and Close button.

Also, I’d recommend reaching out to an accountant to ensure everything goes smoothly. They have the knowledge and expertise to know what could be the specific detail for those specific transactions and get you back to business. If you don’t already have an accountant, you can find one here: Find an Accountant..

Keep us posted here if you have other questions about managing assets in QBO. I'm always here to help. Stay safe.

You may have a gain depending on how much depreciation was taken on the truck.  If you booked (expensed) depreciation in excess of $12K ($40K purchase price - $28K trade), you will have a gain on the trade.  You may have to check with your CPA to make sure the accumulated depreciation entry is accurate.  Here's the journal entry to remove it from the books.