Hello!
How do you enter a fixed asset that was sold into Peachtree? I entered the purchase information into Peachtree and posted the depreciation into Peachtree from FAS and put in the disposal information in FAS, but if I do a sales invoice for the sale of the fixed asset, it looks at the sale as income. I'm not sure how to account for getting money back for the fixed asset without showing it as income. Any help would be greatly appreciated.
You would have to override the G/L account and change it to an account with a description of Gain or Loss on Sale of Assets setup with a type of expense.
Since this would reflect only the sale amount you would need to make a journal entry to account for the purchase price and any depreciation already taken. This would make the Gain or Loss on Sale of Assets account have the proper expense total for the year of the sale and the balance sheet reflect the proper totals for Fixed Assets.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.