How to Record the Sale of an Asset in Quickbooks

www.QBUniversity.org - How to record the sale of an asset in Quickbooks shows you how to properly record the sale of a fixed asset in Quickbooks.
I see most people do this wrong, and it ends up messing up your books. This video shows you not only the right way to record the sale of an asset in Quickbooks, but also shows you how to do it if you have a loan on the asset. There are generally 5 accounts that the sale of an asset will affect, and this video reveals those 5 accounts so you do it right every time.
I also reveal a little secret of how to record the trade-in of a vehicle! Watch and like this video to know how to record the sale of an asset in Quickbooks and do it right every time!

[@QbuniversityOrg]

www.QBUniversity.org/Masterclass - join the Masterclass FREE. Feel free to leave a comment or question here!

[@user-qt8wf9pc1l]

This was an excellent video. I have been self employed for 10 years and have been learning Quickbooks Online and bookkeeping practices the entire time. I have just closed my small business and am liquidating my assets. This video was perfectly matched to what I need to know to record my asset sales. The video was logical, clear, and didn't skip the little steps that beginners need but more advanced users might think is just common sense. I wish I had found these Quickbooks University videos earlier in my self employment venture. Thank you for doing such a great job.

[@LVLFLV]

This was the most straight forward explanation EVER!!! Thank you so much!!!

[@QbuniversityOrg]

You’re welcome!

[@markchapparone9737]

Perfect information for what i needed, Thanks for your help!

[@QbuniversityOrg]

You’re welcome!

[@Team8LA]

Amazing, this is exactly what I needed to know. Also, please share what are the common mistakes when we record assets and loan as a small business? Thank you so much!

[@sheilaschmitt383]

Great job. This was explained so clearly.

[@QbuniversityOrg]

Thanks!

[@Elizabeth-fg6we]

Such a great video! Thank you so much! Good info!

[@QbuniversityOrg]

You’re welcome!

[@-JonnyBoy-]

this helped me allot after selling a rental property.

[@QbuniversityOrg]

Awesome!

[@corimehnert4853]

Excellent, thank you.

[@QbuniversityOrg]

You’re welcome!

[@sumermor9517]

great explaination but if we received HST on sale of asset where should we adjust ?

[@imspiked]

Excellent tutorial on asset sales which I needed to see, so thanks! How does one handle this transaction if the sale (deposit) was downloaded in bank transaction as a deposit? Do I exclude that deposit transaction and make the journal entries? If I do that how to I record who paid me for the asset? It gets it off the books but I have nowhere to track the other side of the transaction it would seem.

[@QbuniversityOrg]

I would do the journal entry first, then match the bank feed transaction to that deposit from the journal entry

[@AZPoolCarePros]

Thank you for the video, it's very clear and easy to understand! We have a vehicle with no loan and have accumulated depreciation for the full purchase value. Let's say the original purchase value was 15k, accumulated depreciation 15k and we sold it for 10k. Would the following be the correct way to record the sale? Vehicles - Credit 15,000.00 Accumulated Depreciation - Debit 15,000.00 Checking - Debit 10,000.00 Gain/Loss Fixed Asset Sold - Credit 10,000.00 Thank you for your help!

[@QbuniversityOrg]

Yep! That’s exactly right!

[@AZPoolCarePros]

@@QbuniversityOrg Thank you for responding. I really appreciate it!

[@QbuniversityOrg]

@@AZPoolCarePros you’re welcome!

[@Caligrl743]

Thanks for the video! Beginner here- and this is my first sale of a vehicle. If you were to have purchased the vehicle/asset for $50,000 and sold it for $100,000 and did not owe anything on it, how would you record that?

[@QbuniversityOrg]

Assuming no depreciation it would be a debit to checking for $100,000, credit to vehicle/asset for $50,000 and credit to Gain on Sale of $50,000

[@user-dw3vw1sj6m]

I'm starting Quickbooks from 2020 and already own fixed assets that have been fully paid off and depreciated to zero but the asset still has value, how do I add this asset with its current value to my balance sheet?

[@sherilynlemon4176]

I have a question. What if the proceeds from the sale of an asset were directly deposited into the QuickBooks (QB) bank account, with no depreciation? How should it be recorded?

[@mikeporcosr]

hi great video, question if I may on selling a financed asset , how is the check written to finance co. without decreasing that loan account twice mike

[@QbuniversityOrg]

You would record the Reciept of all the money then pay off the loan

[@user-yy9qe8xy6w]

Great video! How do you record it if you sold an asset but haven't received all of the cash yet? Buyer will be making payments for the next two years.

[@QbuniversityOrg]

Instead of recording the cash, as a deposit, you would have to set up an other asset account. That is a receivable that you can receive payments against as you get them.

[@ZethHenson]

How do I record a sale of a vehicle if I paid it off in June and sold it in July to an individual for a 3,106.98 loss. My account does the acc. depreciation.

[@user-sw5vf3lq8i]

I can't find the correct entry for this scenario: credit Asset $24k ; debit depreciation ; (no loan balance owed) trade in $20k towards a 3 yr lease; how do i record this?

[@Team8LA]

How to record gain on leased assets and installment sale? TIA!

[@AZdomingo]

I'm confused on Accum Depreciation. Is this the sale price of the vehicle or is it the actual accum depreciation you claimed on your taxes. Since it is mid year -if it is actual accum dep. would we need to wait until year end for this number?Thanks!

[@QbuniversityOrg]

It’s the actual acc dep in the books. You would have to calculate the depreciation through mid year to get the right amount

[@NituModha-sp3nv]

hello, i have a question : if we are selling our machinery and buyer wants invoice for purchase from me how i record invoice in quick book desk top and providing them invoice and once they pay how i apply that payment against that invoice and which ledger will be effected ? thanks ahead for any help

[@QbuniversityOrg]

You would first create an invoice, then apply the payment to that invoice. I have videos on my channel how to do that. Ledgers affected are AR, Sales, and cash

[@laurenjones9022]

Do you have a video on how to record the sale of the business itself?

[@QbuniversityOrg]

I don’t since business sales can vary so much! But I’ll look into doing one!

[@timothytieku5871]

How to i link it my bank

[@tammyboyd6808]

Beginner in QB. How do o record the actual deposit from the sale of a house at closing?

[@QbuniversityOrg]

That’s a fairly complicated transaction to record when you are just starting. It depends on what it’s for. Is this a rental, spec home, are you a builder?

[@tammyboyd6808]

@@QbuniversityOrg builder

[@judithcarper]

How do I record the sale of a vehicle that was paid off last year? There is no depreciation anymore or loan outstanding. Thank you.

[@QbuniversityOrg]

You would credit the original cost of the vehicle, debit the accumulated depreciation, debit the money received to the checking (if that’s where it went), and credit Gain on Sale

[@judithcarper]

@@QbuniversityOrg thank you 😊

[@QbuniversityOrg]

You’re welcome!

[@wiryahamad7468]

Hello teacher How can i buy Quickbooks desktop 2022 Could you please help me

[@QbuniversityOrg]

You should be able to order online?