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Sold fixed asset to Vendor: What are the JEs

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What are the entries for selling a fixed asset to a vendor in exchange a credit on future services (freight)?

I'd like to tie to the vendor balance.

 

Here is what I have so far:

Account DescriptionDebitCredit
?$      50 
 Accumulated Depreciation Expense $2500 > 1yr$    150 
Assets - Vehicles $    160
Fix Asset - Gain/Loss on Disposal $     40

 

I'd like to be able to credit future invoices from that vendor with the balance of what is left.

 

Thanks,

Julien

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  • Suggested answer
    Jun Wang Profile Picture
    Jun Wang 3,580 Super User on at
    Sold fixed asset to Vendor: What are the JEs
    I don't think it is possible to tie the sales of fixed asset to vendor balance automatically in BC. with that being said, you could manually create a credit memo from cash receipt journal to achieve this. for example, 
    vendor has -1000 in balance. You sold fixed asset worth 100 to vendor. Then you create a credit memo of 100 and post, which shows in vendor ledger entry. you could use it against vendor invoices later.
     
     
  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,415 UG Leader on at
    Sold fixed asset to Vendor: What are the JEs
    FA GL Journal
     
    Enter your asset and posting type disposal with amount of the book value  (this will credit acquisition cost, debit accum depr and record gain/loss. Your balance account probably enter on a second line should be to your vendor.
  • gdrenteria Profile Picture
    gdrenteria 2,786 Super User on at
    Sold fixed asset to Vendor: What are the JEs
    Hi
    I hope this can help you, and give you some hints. 
    Best regards
    Gerardo

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