Sale of Asset

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FBCVandalia
Posts: 34
Joined: Wed Mar 14, 2012 2:35 pm

Sale of Asset

Post by FBCVandalia »

We have sold our van - $5000.00. The van is listed as an asset for the purchase price of $15,000.00. bought in 1999. Our church does not enter depreciation on any of the assets. I want to wipe out the asset but not sure how to do this.

Any assistance would be appreciated.
Church Treasurer

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Sale of Asset

Post by NeilZ »

FBCVandalia wrote:
Thu Mar 31, 2022 1:30 pm
We have sold our van - $5000.00. The van is listed as an asset for the purchase price of $15,000.00. bought in 1999. Our church does not enter depreciation on any of the assets. I want to wipe out the asset but not sure how to do this.

Any assistance would be appreciated.
Church Treasurer
I'm assuming you keep these types of assets in a separate Accounting Fund?

The easiest way would be to enter a transaction that CREDITS the asset account, and DEBITs the Fund Balance account the asset is setup to use, normally the Unrestricted Net Assets.
Neil Zampella

Using PC+ since 1999.

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