Method for Recording Sale of Vehicle

I recently sold a vehicle. I was maintaining its value as a property under Property and Debt, with the value as the current blue book value. It had no load. Today I sold it. Part of the buyer's payment was wired to my checking account and the balance was given to me as cash. How to I enter these various transactions?

Best Answer

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    In the property account, I would adjust the balance (value) to the sale price. I would then transfer part of that to my “wallet” (cash) account and the balance to the checking account.  Vary as necessary for your cash approaches. 
    If you buy another car, you might choose to reuse the same account. 

Answers

  • John Dozier
    John Dozier Member ✭✭
    "loan" not "load"
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    In the property account, I would adjust the balance (value) to the sale price. I would then transfer part of that to my “wallet” (cash) account and the balance to the checking account.  Vary as necessary for your cash approaches. 
    If you buy another car, you might choose to reuse the same account. 
  • John Dozier
    John Dozier Member ✭✭
    Monsieur Lurker, thanks for the suggestions. Perfect solution. I have separate asset accounts for each vehicle. I'll eventually close the sold vehicle account, but for now it's down to zero. Muito obrigado.
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