How do I enter a fixed asset into Peachtree that we sold?


P

Peachtree

Hello!

How do you enter a fixed asset that was sold into Peachtree? I entered
the purchase information into Peachtree and posted the depreciation
into Peachtree from FAS and put in the disposal information in FAS,
but if I do a sales invoice for the sale of the fixed asset, it looks
at the sale as income. I'm not sure how to account for getting money
back for the fixed asset without showing it as income. Any help would
be greatly appreciated.
 
Ad

Advertisements

L

Lila Godel

Peachtree said:
Hello!

How do you enter a fixed asset that was sold into Peachtree? I entered
the purchase information into Peachtree and posted the depreciation
into Peachtree from FAS and put in the disposal information in FAS,
but if I do a sales invoice for the sale of the fixed asset, it looks
at the sale as income. I'm not sure how to account for getting money
back for the fixed asset without showing it as income. Any help would
be greatly appreciated.
You would have to override the G/L account and change it to an account
with a description of Gain or Loss on Sale of Assets setup with a type
of expense.

Since this would reflect only the sale amount you would need to make a
journal entry to account for the purchase price and any depreciation
already taken. This would make the Gain or Loss on Sale of Assets
account have the proper expense total for the year of the sale and the
balance sheet reflect the proper totals for Fixed Assets.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top