I sold a car asset, how do i enter a sold asset into checking and make the asset value to 0

Den H

I sold a car asset, how do i enter a sold asset into checking and make the asset value to 0

Boatnmaniac

What I have done in the past:

When the amount of the sale was less than the asset value in the asset account:

1. Enter a deposit transaction in the checking account for the amount the car was sold for.
2. For the category enter a transfer from the car account….the name of the car account enclosed in [brackets]. This will reduce the value of the car asset by the amount of the sale.
3. In the car asset account: Upper right Gear icon > Update Balance > enter $0 for the remaining balance > OK.

When the amount of the sale was more than the asset value in the asset account:

1. Enter a deposit transaction in the checking account for the amount the car was sold for.
2. Split the category:
3. Line 1 of the split would be the asset value from the car account and enter a transfer category (car account enclosed in brackets). This will change the asset value of the car to $0.
4. Line 2 of the split would be the profit from the sale (the amount above what the asset value was). Assign it a Income category so it shows up as income in reports.

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