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Sale of Asset
Posted: Thu Mar 31, 2022 1:30 pm
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
Re: Sale of Asset
Posted: Fri Apr 01, 2022 6:58 am
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.