QB Issue Resolution:
property would be carried on the books as a fixed asset, with or without depreciation depending on what the property is.
create an income account called gain/loss on asset sales
journal entry to move the cost of the property to the gain/loss account, debit gain loss and credit fixed asset
if there was depreciation, journal entry, debit gain/loss and credit accumulated depreciation fixed asset
deposit the funds received and use the gain/loss account as the source account for the deposit
Resolution for Issue 'My company sold a piece of property. Where do I post the sale?' available: Yes (Solved).
Source: Intuit Community forum.
My company sold a piece of property. Where do I post the sale?: 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 Company
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