Selling a Fixed Asset (vehicle) with no loan

kpregitzer · ‎January 13, 2021

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!

ZackE · ‎January 13, 2021

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:

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

ZackE · ‎January 13, 2021

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:

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

kpregitzer · ‎January 13, 2021

Thanks so much, Zack!

Haley1josh · ‎March 28, 2022

What do you put in Received From and From account? Then how do you remove asset?

JessT · ‎March 28, 2022

I'm happy to help you, Haley1josh!

First of all, I would refer you to an accountant about selling a fixed asset coz there might be capital gain/loss tax or depreciation involved, and they know the accounting side of the transactions. Then, you can tell us if they have special instructions that you find challenging to enter in QB.

About your question, you can create a customer's profile for the buyer and add it in the RECEIVED FROM field. Then, use the fixed asset account in the FROM ACCOUNT field. I got a sample below.

I bought a delivery truck for 30,000 and I sold it for 25,000. But on my deposit, I still put 30,000 on the first line because I added the depreciation with a negative amount on the second line. Basically, 25,000 is still the net sale or deposit.

If you track depreciation separately, just put the sales amount on the first line and don’t add another line for depreciation.

Bank Deposit

Effects of the deposit in the register.

If you have any other questions, please don't hesitate to go back to this thread. We're just around to help. Take care!

Dr_Kinu · ‎December 19, 2023

What would be the JE for this same scenario? What accounts do I need to use? We didn't do any deprecation on it. We sold it for $31,000 and purchased it for 4 in and sold it 2023. Purchase price and date are currently unknown. Any suggestions would be great!

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Selling a Fixed Asset (vehicle) with no loan