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PoonamKumarJain
December 12, 2021
Solved

How to raise invoice for sale of asset

  • December 12, 2021
  • 1 reply
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When I create an invoice for the equipment that was sold, it goes into the product and service, not into the equipment. I do not have any inventory because we are a service company. So it is very confusing to do it on QBO. How do I register the actual sale? I had passed an journal entry with 20% VAT but now the debtor amount is coming wrong as the VAT amount is not showing as receivable from debtor. Kindly help me

Best answer by emmam6

Hello Community Users, We just wanted to add to this thread, we'd recommend speaking with an accountant on what accounts to use in the journal entry. 

1 reply

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GlinetteC
December 12, 2021

Let me ease your confusion and help you from there, PoonamKumarJain.

 

You'll want to set up a non-inventory item for the equipment and then manually change the income account to the account where you want to post the transaction.

 

I'll show you how:

 

  1. Go to the Sales menu and select the Products and services tab.
  2. Select New and choose Non-stock.
  3. Enter the necessarily required field.
  4. Once done, click Save and close.

 

I've included some articles you can read for additional guide and reference:

 

 

Let me know if you have additional questions. I've got your back.

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    PoonamKumarJainAuthor
    December 15, 2021

    Thanks for your suggest. I have the following query.

    I had purchased plant and machinery in April 2021 and added under Balance sheet. No product or services has been created. Now the same has been sold in December 2021. I am unable to raise the sale invoice as it is under fixed asset in Balance sheet. While passing journal entry for sale, the debtor amount is showing only taxable amount and not considering VAT amount.

    What is the solution for the same. How to show sale and the total sale amount in debtor ledger. Kindly suggest.

    E
    emmam6Answer
    November 8, 2022

    Hello Community Users, We just wanted to add to this thread, we'd recommend speaking with an accountant on what accounts to use in the journal entry. 

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