Client called asking how to sell an asset (a car purchased for $60,000) in the business books.
We raise an invoice (service type) to the buyer with GST for $50,000 and allocate to Sale of Assets (may need to create the account in the # 4’s (MYOB) or Sales (Quickbooks) with that name. The other side is automatically to Trade Debtors (as you are owed the money).
When you are paid, you Receive Payment which draws from Trade Debtors and deposits to the bank.
Now there is still the $60,000 in the asset, but with the $50,000 sale, this means a $10,000 loss.
What is the next step to deal with these amounts?
The answer will be next SEE HERE
Bookkeepers & Business Owners 
when is the next step coming?
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HI Meesam! Thanks for reading and responding. The next post is HERE on 27th Sept. An even better post with more detail including a trade-in vehicle, is at this post HERE
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Great article! Simple but very comprehensive. I’m going to check the next step soon. I’ll definitely return to this very helpful site. Thanks for sharing this article.
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Glad it helped, and your business to help cash flow for truckies is cool!
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Thanks for sharing this article. I think that this article is very helpful for me. I ‘ll definitely check the link that you shared here. I will definitely return to this site.
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Thanks for reading Chris, glad it helps you – let us know what else we can assit with, Paul
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