Sold rental property how to record sale and fees

Hey there. I'm here to assist you in recording the sale of your rental property and any fees associated with it.

To do this, you can create a journal entry that will transfer the money from a fixed asset account to an income or expense account. However, we recommend consulting your accountant for further guidance and ensure the affected accounts are correct.

Here's how to create a journal entry:

1. Go to the +New button and select Journal entry.
2. On the first line, choose an account from the Account field. Then, input the amount in the right column.
3. On the following line, select the account you're moving money to or from. Then, type in the same amount in the opposite column.
4. Review the amounts. The amounts should be the same in the Credit column on one line and the Debit column on the other.
5. In the Memo section, you can enter details on why you created the journal entry.
6. Click Save and new or Save and close.

For more detailed information, you can refer to this article: Create journal entries in QuickBooks Online.

In case you want to reverse or delete a journal entry, you can check out this article for guidance: Reverse or delete a journal entry in QuickBooks Online.

You can return to this thread if you've got any follow-up concerns about recording the sale of your rental property and its associated fees. Our team is always around to help. Have a great day!