QB Issue Resolution:
create an income account called gain/loss on asset sales
then it depends, if the asset is subject to depreciation, you calculate and post partial year depreciation
then journal entries (*** means use the total amount in this account)
debit asset accumulated depreciation***, credit gain/loss
debit gain/loss, credit asset account***
deposit the check received for the sale, and use the gain/loss account as the source (from) account for the deposit
If the asset is subject to depreciation for fed taxes, and you did not claim depreciation expense, you need a tax accountant, the IRS says that whether you claimed depreciation expense or not, you have to figure gain/loss as if you did claim it.
Resolution for Issue 'How do I record a sale of an asset? what is the entry in quickbooks for the sale of an asset?' available: Yes (Solved).
Source: Intuit Community forum.
How do I record a sale of an asset? what is the entry in quickbooks for the sale of an asset?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for How do I record a sale of an asset
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