Sell a Company Asset |
Back Top Previous Next |
To sell a company asset (not to be confused with Assets on the ribbon), eg. a motor vehicle, a tax invoice may need to be provided to the purchaser. Since the purchase of an asset is usually recorded on an expense order to a 1-XXXX Asset at Cost general ledger account, create a stock record and move the asset value in the general ledger in order to sell the asset and account for the value.
Complete the following steps:
1.Move the excluding GST value of the asset from the 1-XXXX Asset account to the 5-XXXX Stock Adjustment account by adding a general journal, BAS Type – Purchase, using tax code X on all lines on the journal. 2.Add a new stock record with Type – Depleting and select a relevant Stock GL Group (it may be necessary to add a new one). 3.Add a Stock Adjustment Qty+ to increase the stock on hand count for the new product at the correct excluding GST asset value. This transaction will also move the value from the 5-XXXX Stock Adjustment account to the correct 1-XXXX Stock on Hand account. 4.Add a job and sell the stock as normal.
Further information Clear the Historical Balancing Account Suggested End Of Month Procedures Enter Government Support Payments Purchase a Capital Asset Under Finance Record Debtors/Creditors Contras ATO Reportable Sub-Contractor Payments Share Utility Expenses with other Businesses Understanding Debits and Credits |