The land should be in the chart of accounts as a fixed asset, and the loan should be a liability account.
create an income account called gain/loss on asset sales,
deposit the funds received in the bank account and use that gain loss account as the source (from) account for the deposit
Resolution for 'asset sales issue: 'How do we reocrd land we sold??' available: Yes.
The asset sales 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 asset sales issue yourself by looking for a resolution described in the article. If it is a complex asset sales issue or you are unable to solve the issue, you may contact us by clicking here or by using other asset sales support options.
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