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kpregitzer
Level 1

Selling a Fixed Asset (vehicle) with no loan

We have a vehicle we purchased for $24,795 in 2019.  We sold it for $13,000 last Friday and deposited the check into our bank.  Now I need to enter that check deposit into QB but think I need to do something with the Fixed Asset register; can someone tell me what I need to do?

 

Thank you!

Solved
Best answer January 13, 2021

Best Answers
ZackE
QuickBooks Team

Selling a Fixed Asset (vehicle) with no loan

Thanks for reaching out to the Community, kpregitzer. I'd be more than happy to guide you through how deposits are recorded.

Once you have your deposit slip, you'll be prepared to enter it.
 

Here's how:

  1. On the homepage, click Record Deposits / Make Deposits.
  2. In your Payments to Deposit window, choose any payments you'd like to combine, then hit OK.
  3. On the Make Deposits screen, use your Deposit to ▼ drop-down and pick an account.
  4. Review your deposit total and confirm the selected transactions/account matches what your slip shows.
  5. Enter the date it was deposited.
  6. Add a memo if necessary.
  7. Select Save & Close.


As for what you might need to do with your fixed asset register, you'll want to get in touch with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. Each ProAdvisor listed there is QuickBooks-certified and able to provide helpful insights to drive your business's success.
 

I've included a couple resources about recording deposits and managing fixed assets that may come in handy moving forward:

 

Please feel welcome in sending a reply if there's any additional questions. I'll be here to help. Enjoy the rest of your day!

View solution in original post

2 Comments
ZackE
QuickBooks Team

Selling a Fixed Asset (vehicle) with no loan

Thanks for reaching out to the Community, kpregitzer. I'd be more than happy to guide you through how deposits are recorded.

Once you have your deposit slip, you'll be prepared to enter it.
 

Here's how:

  1. On the homepage, click Record Deposits / Make Deposits.
  2. In your Payments to Deposit window, choose any payments you'd like to combine, then hit OK.
  3. On the Make Deposits screen, use your Deposit to ▼ drop-down and pick an account.
  4. Review your deposit total and confirm the selected transactions/account matches what your slip shows.
  5. Enter the date it was deposited.
  6. Add a memo if necessary.
  7. Select Save & Close.


As for what you might need to do with your fixed asset register, you'll want to get in touch with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. Each ProAdvisor listed there is QuickBooks-certified and able to provide helpful insights to drive your business's success.
 

I've included a couple resources about recording deposits and managing fixed assets that may come in handy moving forward:

 

Please feel welcome in sending a reply if there's any additional questions. I'll be here to help. Enjoy the rest of your day!

View solution in original post

kpregitzer
Level 1

Selling a Fixed Asset (vehicle) with no loan

Thanks so much, Zack!

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