Equipment Sales

[Pam]

We have sold some small coffee shop equipment that our church owned. We did not have it listed in under assets. I was wondering if anyone had suggestions as to how I needed to record the sales transactions?

Would it be considered "income"? The total for all of it was less than $2,000.00. Can I just show it as a credit under the expense line item for that particular department?

We may sell other pieces of equipment not associated with our Coffee Shop. Perhaps I should set up a line item for Equipment Sales. If I do this, where would it fall in the Chart of Accounts? I want to track it properly, but am unsure how to do this.


Thanks!

[Matt]

If you think there will be recurring sales of equipment then I would set up an income account called Equipment Sales to track the income from the sales. If this is just a one time event I would be inclined to post it to a miscellaneous income account.

[Pam]

Thank you for your help! That answers my question.