USA Quickbooks...sold/traded equipment. How do I...?

Joined
Aug 11, 2015
Messages
2
Reaction score
0
Country
United States
So I am not sure how to tell quickbooks what the owner did. He sold 2 pieces of equipment with 2 different cases.

CASE 1)
He traded an old piece of equipment to wipe out the bills (payables) we owed to ABC company. How do I tell quickbooks we did that so it's even and will come off the balance sheet (to show that we don't have/own it anymore)?

CASE 2)
We are still paying on EQUIPMENT X. However, since he doesn't really use any more, he sold it to a person. This person gave us $10,000 cash (which hasn't been deposited yet) AND this person is going to take over the monthly payments (that is, he will pay us $x per month which we will in turn pay directly the financial institution). So, how do I tell QB that even though we are paying for it, it's not really ours anymore...since it will show up on the BS.
-Right now, it's under FIXED ASSET (EQUIPMENT X NAME), and NP-EQUIPMENT FINANCIAL INSTITUTION (LONG TERM LIABILITY)

Any help would be appreciated! Thanks.
 

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

Top