QuickBooks 2013 For Dummies

Selling an Asset

When you sell an asset, you need to back out (get rid of) the asset’s account balance, record the cash (or whatever) that somebody pays you for the asset, and record any difference between what you sell the asset for and its value as a gain or loss.

If you purchase a piece of land for $5,000 but later resell it for $4,000, for example, you use the following journal entry to record the sale of this asset:

You may need to set up another income account for the gain or another expense account for the loss. Read Chapter 2 for information on setting up new accounts.