Selling an Asset

To sell an asset, open the asset record and clicking on the Sell Asset button. This will take you to a Sales Invoice. In the Sales Invoice, enter details like Customer and Payment Due Date.

On submission of the Sales Invoice, following accounting entries will take place:

• "Receivable Account" (Debtors) will be debited by the sales amount.

• "Fixed Asset Account" will be credited by the purchase amount of asset.

• "Accumulated Depreciation Account" will be debited by the total depreciated amount till now.

• "Gain/Loss Account on Asset Disposal" will be credited/debited based on gain/loss amount. The Gain/Loss account can be set in Company record.

Asset

Related Topics

1. Asset Value Adjustment

2. Purchasing an Asset

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