Recording the sale of a capital asset

To record the sale of a capital asset, with GST:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Deposit from the Transaction type drop-down menu.
3. Enter the transaction Date.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the amount of the asset sold, or click the arrow to select a previously entered description.
7. Enter the Total net amount of the sale.
8. Select Capital Asset Sale (C-) from the Type drop-down menu.
9. Select the capital asset Account. The Select Capital Asset dialogue box opens.
10. Select the asset you’re selling and click Select.
11. Enter the remaining transaction details, for example:
12. The document should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the document. 

The bank account is increased by the deposit total. The capital asset book value account for Class 6 assets is decreased by the sales amount. The asset listed on the capital asset schedule is flagged as being sold. 

Last updated on May 1, 2013 by FCC AgExpert