Sale of Fixed Asset

Options
Marmite
Marmite Registered Posts: 8 New contributor 🐸
in General accounting discussion
Hi there,
Could someone please remind me of the transactions I need to post on sage for the sale of a fixed asset including the part where I then need to follow up with an invoice?
Much appreciated for anyones time on this.

Comments

  • GILL
    GILL Registered Posts: 31 Regular contributor ⭐
    Options
    I usually post the invoice to Suspense (so I just have correct amounts going through other nominals) then you need to balance this out by: -

    Dr suspense with total invoice amount
    Cr asset nominal with the original cost
    Dr asset depreciation nominal with charged to date
    the balance then needs to go to either Profit on sale of F/A or Loss on sale of F/A

    Hope this helps

Categories

Privacy Policy