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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Mon Oct 25, 2004 6:59 am Post subject: Inventory |
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| How do I record a sale in quickbooks pro when I sale real estate that I have posted in Inventory Asset catergory. We build houses so I put all my cost in an Inventory Asset account. Now we sold one and we got 84,000.00 for the property however we only recieved 20,000.00 since the closing company paid off the loan (64,000.00)against the property. Do I post the sale to the sales category or to Inventory? And where do I show the long term gain?? Very confused. Help. |
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Guest
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| Posted: Tue Oct 26, 2004 8:05 am Post subject: RE: Inventory |
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You debit the bank account for the money received and credit earnings. I hope this helps
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