@bradleygood745 @bbqman
Recording the sale of an asset is not at all straightforward from an accounting and tax perspective. If you didn't take depreciation but should have, you need to contact a CPA/tax accountant. If you have depreciated the asset, you will create a journal entry that looks something like this:
| | Debit | Credit |
| Bank Account (sale price) | XXX | |
| Accumulated Depreciation (to close account) | XXX | |
| Asset Sold - original cost/current basis (to close account) | | XXX |
| Gain (credit) or loss (debit) on sale (to balance) | XXX | |
If you have a gain on the sale, the treatment of the gain may differ depending on the asset and how long you owned it. Contact a CPA/tax accountant for how to record that.
