We sold a fixed asset at a loss and we are encountering a problem when
1. created an invoice from Fixed Asset List 2. marked asset as sold and inactive. 3. Made journal entry with 3 lines: original cost (credit fixed asset account), sale cost (debit bank account), difference (debit other income account).
This works fine, and everything seems to be where it should be. The item appears as sold, the "assets account" has a deduction for the full original cost of the item, the "other income" account has a negative entry for the loss, and the checking account has the deposit for the sale price.
However, the problem is that we now have an "unpaid" invoice that is actually paid. Remember during step 1 we created an invoice from the fixed asset list but the payment was recorded through the journal entry, which according to intuit is the only way to properly apply the loss to the other income account and modify the fix asset account. I can't figure out how to make this invoice "paid" without duplicating the deposit to the checking account. That is, if I try to set the invoice to paid by 'receive payments' an additional deposit is recorded to the bank account.
So my question is: How do I set this invoice to paid if I recorded the payment through a journal entry? Or how can I clear this invoice without recording any additional deposit to the bank account
Thank you so much.
Nestor L. Lopez Explorart Films. www.explorart.com