Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

MYOB & Quickbooks – Selling an Asset – Part 2

Leave a comment


MYOB & Quickbooks – Selling an Asset

MYOB & Quickbooks – Selling an Asset

In the prior post we looked at how to sell an asset in GO HERE.

And since the cost of the asset was in the balance sheet, this left balances in the asset and a loss in this scenario still to be dealt with. The way to finish off the sale is to raise the following journal.

DR     Sale of Asset                  50,000              Sale account

CR     Loss on Sale of Asset     50,000              Create an expense account

DR     Loss on Sale of Asset     60,000

DR     Accum. Depn – Asset     0                      (Enter what is on the Bal Sheet if a figure there)

CR     Asset (at cost)                60,000

If you have questions, or need to ask questions? Give us a call! No obligation – solve your queries now!

Advertisements

Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s