How do I show that I have sold a fixed asset? (2024)

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How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset? How do I show that I have sold a fixed asset?

How do I show that I have sold a fixed asset? (1)

office4

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‎October 15, 201805:36 PM

last updated‎November 08, 20181:52 PM

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The asset that we sold has already been fully depreciated.

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Best answer October 15, 2018

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How do I show that I have sold a fixed asset? (2)

KH

Level 2

‎October 15, 201805:36 PM

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How do I show that I have sold a fixed asset?

You will need to remove the asset and the accumulated depreciation from your books with a journal entry: you would debit the accumulated depreciation, credit the asset that was sold, debit the cash account (I am assuming you received cash) and finally credit you gain on sale of asset - this should be an other income account type. Since your book balance is at zero if fully depreciated the cash received would be a gain.

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How do I show that I have sold a fixed asset? (3)

KH

Level 2

‎October 15, 201805:36 PM

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How do I show that I have sold a fixed asset?

You will need to remove the asset and the accumulated depreciation from your books with a journal entry: you would debit the accumulated depreciation, credit the asset that was sold, debit the cash account (I am assuming you received cash) and finally credit you gain on sale of asset - this should be an other income account type. Since your book balance is at zero if fully depreciated the cash received would be a gain.

How do I show that I have sold a fixed asset? (4)

Anonymous

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‎October 15, 201805:36 PM

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How do I show that I have sold a fixed asset?

What if it's not fully depreciated and we sold it on an installment sale? In other words, what if we got a down-payment upon sale, and then received monthly payments?

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How do I show that I have sold a fixed asset? (5)

Super Farm

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‎November 15, 201811:03 AM

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How do I show that I have sold a fixed asset?

The cash received line would be reduced to the down payment and you would need to create an Accounts Receivable entry for the balance of the sale price outstanding.

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How do I show that I have sold a fixed asset? (6)

stellabookkeeping

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‎February 19, 201905:18 PM

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How do I show that I have sold a fixed asset?

so I have done this for two assets sold in 2018, but these assets are still showing up on the balance sheet for 2019 (with a $0.00 balance). Do I need to make them inactive? Is that the only way to actually get them "off" the balance sheet as far as the visual report is concerned?

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How do I show that I have sold a fixed asset? (7)

mightygrow

Level 2

‎March 22, 201912:22 PM

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Sales Journal Entry | My Accounting Course
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How do I show that I have sold a fixed asset?

When I run financial reports, I choose the drop down option at the top to show only non-zero rows, otherwise the report is unnecessarily long. Maybe that helps?

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How do I show that I have sold a fixed asset? (8)

How do I show that I have sold a fixed asset? (9)MirriamM

Moderator

‎March 22, 201901:51 PM

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How do I show that I have sold a fixed asset?

It's good to have you here in the Intuit Community, mightygrow, Thanks for joining the thread and sharing some insights.

You are correct! To have those Fixed Assets no longer be showing on the Balance Sheet report, you can customize the report and filter Rows/Columns into a Non-zero.

In that way, it will hide zero balance items in the balance sheet report.

To do this task stellabookkeeping, here's how:

  1. Go to Reports.
  2. Select Balance Sheet report.
  3. Select Customize, Click the Rows/Columns link.
  4. In the drop down arrow of Show non-zero or active only, choose Non-zero for rows and columns.
  5. Click Run report.

That's it! If there's anything else you need help with. Please let me know. I'd be happy to further assist.

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How do I show that I have sold a fixed asset? (10)

9130348364910596

Level 1

‎December 11, 202001:36 AM

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How do I show that I have sold a fixed asset?

What if we just don't have the asset any more, there will be no money received.

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How do I show that I have sold a fixed asset? (11)

AlexVHow do I show that I have sold a fixed asset? (12)

QuickBooks Team

‎December 11, 202002:22 AM

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How do I show that I have sold a fixed asset?

Thanks for joining this thread,9130348364910596.

You can edit the fixed asset account and make it inactive. However, it's best to reach out to your accountant on how to properly handle this.

You can follow these steps:

  1. Go to the Accounting tab and select Chart of Accounts.
  2. Locate the Fixed Asset account.
  3. Click the drop-down under the Action column and select Make inactive.
  4. Select Yes to confirm.

You can also check these articles for your reference.

  • Manage default and special accounts in your chart of accounts.

  • Remove accounts you no longer use.

Keep on posting here if you have more questions. Stay safe!

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How do I show that I have sold a fixed asset? (13)

btks

Level 5

‎December 11, 202006:16 AM

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How do I show that I have sold a fixed asset?

You can still use the solution above. You are "selling" the asset for $0 and this will remove it from the asset balance account. I always note that the item was junked in the JE.

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How do I show that I have sold a fixed asset? (14)

Leah Stout

Level 1

‎August 26, 202102:13 PM

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How do I show that I have sold a fixed asset?

Hi,

We traded a truck for the purchase of a newer truck. The dealer paid the balance off on the note we owed.

Do I just reverse the asset, reverse the depreciation and record the loss/gain?

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How do I show that I have sold a fixed asset? (15)

Tia6

Level 1

‎September 25, 202203:30 AM

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How do I show that I have sold a fixed asset?

I was leasing an equipment and then I paid it off and sold it. How should the sale be listed in QB?

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How do I show that I have sold a fixed asset? (2024)
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