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October 8, 2023
Question

How do I record a sale of fixed asset with a profit to include gst

  • October 8, 2023
  • 2 replies
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2 replies

October 10, 2023

Hi 1882634abltd,

 

Welcome to Community!  It's important that you're able to record the sale of fixed asset accurately.  I recommend speaking with an accounting professional for their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.  

 

If you have any other questions, feel free to reach back out.  We'd be happy to help!

October 10, 2023

It's always a good idea to discuss this type of transaction with your accountant because they can guide you to ensure you are capturing the correct details and values against the correct accounts.  If there is depreciation on the asset or taxes involved that means there would be more to the entry but technically you would enter a J/E to record the sale of a fixed asset as a debit to the bank and a credit to the asset.