To sell an asset, open the asset record and click on the Sell Asset button. This will take you to a Sales Invoice. In the Sales Invoice, enter details like Customer and Payment Due Date.

On submission of the Sales Invoice, the following accounting entries will take place:

1. "Receivable Account" (Debtors) will be debited by the sales amount.
2. "Fixed Asset Account" will be credited by the purchase amount of the asset.
3. "Accumulated Depreciation Account" will be debited by the total depreciated amount till now.
4. "Gain/Loss Account on Asset Disposal" will be credited/debited based on the gain/loss amount. The Gain/Loss account can be set in Company record.

Related Topics

1. Asset Value Adjustment
2. Purchasing an Asset