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.

Upon submission of the Sales Invoice, the following accounting entries will occur:

• The “Receivable Account” (Debtors) will be debited by the sales amount.
• The “Fixed Asset Account” will be credited with the original purchase amount of the asset.
• The “Accumulated Depreciation Account” will be debited by the total depreciated amount accumulated to date.
• The “Gain/Loss Account on Asset Disposal” will be credited or debited depending on the gain or loss amount.
• The Gain/Loss account designation can be configured within the Company record.

Related Topics

1. Asset Value Adjustment
2. Purchasing an Asset