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- Aug 11, 2015
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So I am not sure how to tell quickbooks what the owner did. He sold 2 pieces of equipment with 2 different cases.
CASE 1)
He traded an old piece of equipment to wipe out the bills (payables) we owed to ABC company. How do I tell quickbooks we did that so it's even and will come off the balance sheet (to show that we don't have/own it anymore)?
CASE 2)
We are still paying on EQUIPMENT X. However, since he doesn't really use any more, he sold it to a person. This person gave us $10,000 cash (which hasn't been deposited yet) AND this person is going to take over the monthly payments (that is, he will pay us $x per month which we will in turn pay directly the financial institution). So, how do I tell QB that even though we are paying for it, it's not really ours anymore...since it will show up on the BS.
-Right now, it's under FIXED ASSET (EQUIPMENT X NAME), and NP-EQUIPMENT FINANCIAL INSTITUTION (LONG TERM LIABILITY)
Any help would be appreciated! Thanks.
CASE 1)
He traded an old piece of equipment to wipe out the bills (payables) we owed to ABC company. How do I tell quickbooks we did that so it's even and will come off the balance sheet (to show that we don't have/own it anymore)?
CASE 2)
We are still paying on EQUIPMENT X. However, since he doesn't really use any more, he sold it to a person. This person gave us $10,000 cash (which hasn't been deposited yet) AND this person is going to take over the monthly payments (that is, he will pay us $x per month which we will in turn pay directly the financial institution). So, how do I tell QB that even though we are paying for it, it's not really ours anymore...since it will show up on the BS.
-Right now, it's under FIXED ASSET (EQUIPMENT X NAME), and NP-EQUIPMENT FINANCIAL INSTITUTION (LONG TERM LIABILITY)
Any help would be appreciated! Thanks.