How do I enter a fixed asset into Peachtree that we sold?

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Subject Author Date How do I enter a fixed asset into Peachtree that we sold? Peachtree 08-14-2008  Re: How do I enter a fixed asset into Peachtree th... Lila Godel 08-14-2008
Posted by Peachtree on August 14, 2008, 6:14 pm Please log in for more thread options 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. Posted by Lila Godel on August 14, 2008, 10:33 pm Please log in for more thread options Peachtree wrote: > 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. Similar Threads Posted Peachtree 2006 Can I enter sales tax into a vendor's invoice July 7, 2006, 6:48 pm Re: Funds that are sold to another company March 10, 2005, 5:49 pm Packing Materials as Cost of Goods Sold? May 17, 2007, 5:11 pm Where to enter local taxes in Turbotax March 10, 2005, 2:26 pm Peachtree 2008 Read All Old Peachtree Files? August 2, 2007, 3:40 pm PeachTree June 16, 2007, 10:16 am Peachtree help August 17, 2006, 3:39 pm old Peachtree October 31, 2006, 5:26 am Peachtree October 12, 2008, 6:26 pm Peachtree 2007 - Am I the only one ? July 19, 2006, 1:08 pm