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

Discussion in 'Peachtree Accounting' started by Peachtree, Aug 14, 2008.

  1. Peachtree

    Peachtree Guest

    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.
     
    Peachtree, Aug 14, 2008
    #1
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  2. Peachtree

    Lila Godel Guest

    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.
     
    Lila Godel, Aug 15, 2008
    #2
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