When you enter in the journal entry, you’ll want to right off the value of the truck, the accumulated depreciation and note the loss on the sale. You sold it for $1,000 less than its value. That means you had a loss on the sale of the asset. Gain on the sale of an asset is an “other income” account. When you enter in the journal entry, you’ll want to right off the value of the truck, the accumulated depreciation and note the gain on the sale. You sold the asset for $1,000 more than its value. That means you had a gain on the sale of the asset. The market value is a different story… and that’s the amount you can sell it for. That means the book value of the truck is $2,000. Let’s say you purchased the truck for $10,000… and the total accumulated depreciation (after recording the 2019 depreciation) is $8,000. Let’s say it’s $500 (Totally making up numbers here): How much did you purchase the truck for?Īsk your accountant the 2019 depreciation for the truck… and get that journal entry into QB.
Not sure how… help!īefore I can offer directions, I need a little more information: I sold a truck and want to record the sale, along with depreciation from 2019, so I can take the money to the bank. In this month’s newsletter, I’ll share two of the questions and answers.
#HOW TO RECORD EXPENSES IN QUICKBOOKS 2017 HOW TO#
I’m thrilled to know you’re thinking about how to get the most out of them. The QuickBooks questions are flying in and are getting more advanced.
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