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Chapter 15. Recording Your Assets > Selling Fixed Assets

Selling Fixed Assets

When you sell a fixed asset, you need to record the income from the sale and remove the asset and associated accumulated depreciation from your company's financial records. You can use an invoice form to record the sale of a fixed asset, or you can enter the entire sales event in a general journal entry. If you use the Fixed Asset Manager, you should enter the asset sale in an invoice because that process ensures that the specific asset is removed from your accounting records.

Enter a Fixed Asset Sale on an Invoice

Press Ctrl+I to open an invoice form.

Verify the date and invoice number, and make any necessary changes.

Enter the name of the customer who is purchasing the asset.

Click in the Item column; then scroll down the Item list, and click the asset you want to sell.

Enter the sales price of the asset in the Amount column. Note, you might see a window informing you that the sales price in the fixed asset item differs from the sale price you entered here. Click Yes to close that window and continue with your transaction.

Verify the tax status of this customer, and make any necessary changes to the name of the sales tax authority that appears.

Click a save option. You might see a window informing you that the fixed asset item has not been updated to reflect the sale. Click Yes to update the item in your records.


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