How To Record The Sale Of A Fixed Asset In QuickBooks Online | QBO Tutorial | Home Bookkeeper

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[shawna]

I have recorded the purchase of a lot and a building loan. Now I need to record the sale of the finished house. QBO plus. I appreciate your help!

[BriansTipsandTravel]

Simple and straight to the point! You're my go to from now on!

[VickyLashenko]

Hi Emily! This is so helpful! I'm loving all your videos! I'm doing bookkeeping for my husband and you have been such a wonderful resource for us! Thank you so much! How do you calculate depreciation on the vehicle? I have such a complicated vehicle sale to figure out and I cannot find any answers online! We had a loan on the vehicle, we paid it off in full, then we sold the vehicle for more - and I have NO idea how to enter all that in. Maybe you can answer this in another video? Thank you very much for your consistent videos! Your hustle and dedication is so inspiring as a fellow mama! <3 All the best!

[alanadrake]

This was very helpful and *almost* what I'm looking for. My situation may be too complicated for a YouTube video, though. We bought a vehicle in 2020 for $17, 500. Took Section 179 on it that year. I never set it up in QB. This January, we sold it for $20, 000. So rather than depreciation, we have a gain. I know my tax preparer will help at the end of the year, but how would I set up the sale in QB?

[SaerJr-nb]

This video was so straightforward thank you! I have an asset that was fully depreciated and then sold. As part of the JE I debited the Acc Dep the full value and credited the asset its full value. I then put the entire value of the sale as a 'Gain on sale of asset' and did not record any depreciation as the acc. dep was already met in full. Does that sound like the right approach?

[RedBritDB]

Emily - good can you do a video that shows how to record an asset that was purchased, for example, an established online store. The store was purchased from a provider who was also managing the store and subsequently a couple of years later the provider went bankrupt. So I need to remove the asset online store purchased and record the loss. thanks

[ErikaDunn]

Hi thank you for the video- simple & straight forward. What about if there is a loan for this asset. Does that need to be dealt with/noted in the journal entry as well?

[volantdronesolutions]

This is very helpful. If the check from the sale was deposited to a linked account do you just allot the linked transaction to match the JE?

[evergreenvillage]

Thanks so much for this post. It was very helpful as I'm new to QuickBooks online. I was able to record the sale of the asset, however at the very end you say, "the next step is to match the bank feed deposit to the deposit recorded on QuickBooks" and I don't know what that means. Could you please elaborate? Thanks again!

[ckuruc]

I own a used auto sales dealership, nothing big, but just got set up w quickbooks and just wondering how I record my individual sales. Let it be noted that I've taken out a loan to purchase the cars, so for each sale I must also figure in what I owe for the car. How would I go about doing all this?

[srn]

Hi Emily, thanks for the video, I'm trying to figure it out the journal entry for a sale of a 2008 truck for $30, 000 which cost $83, 000 back then, The asset was not recorded in quickbooks so how do i record this sale?

[taylormarsh]

Hi! What if the asset is old and not recorded on the books yet? In the midst of finding an accountant to set up all assets/depreciation to get the books in shape but currently just trying to track/categorize bank transactions and invoices in QB.... So i have a deposit in my bank feed for the sale of an old company vehicle (unknown purchase price etc.) What is the category for this deposit? income? Or in the interim set up a "Ask accountant" income ? Or how would you handle. Thanks!

[tesslambert]

Thank you very helpful. Can you help me... I don't want the loss to show in chart of account as depreciation, but rather debit the bank account (our capital) the amount we lost on the sale??? how do I do this please

[JAAdmin-cj]

can you show how to record a loss for defective items we replaced?

[sandykaur]

I didn’t purchase the vehicle in company but I sold it in company so how can I make the bill of sale and match the transaction??

[JuliaKDS]

where is HST - if I chose it in JE, it doesn't appear as the whole amount received in the bank

[karenhoffman]

Hi Emily, I have a sale of a fixed asset, a building that I am trying to make sure is recorded correct for 2022. I have no experience in accounting or QBO and just learn from tutorials. The bank deposit was already recorded back in May when I reconciled my monthly bank statement but I didn't create a journal entry to show the sale, depreciation and original purchase price. How can I easily fix this? Thanks for any help you can provide.

[CindyLohman-gi]

If you are debiting the checking account in the JE, why would you also create a bank deposit? You would be recording the proceeds twice.

[ryandermillersson]

Hi, how about if i sold my asset with VAT? How should I record the VAT amount in to the hournal entry. I sold a commercial vehicle with VAT less than I bought it for. Can you help me to explain this?

[bradleydavidgood]

I'm confused about the last part having to do with the bank deposit and matching it...not sure what you mean by that. When you categorize the bank deposit, do you just choose the asset name as the category? Is that what you mean by matching?