Gain or Loss on Sales of Fixed Assets

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Posted on by john.ellis

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Hi:

Is an account representing "Gain or Loss on Sale of Fixed Assets" classified in the chart of accounts as "Income" or "Expense" in the Account Category?

I ask for the purposes of presentation of a very basic income statement in the Account Schedules.

Thanks!

John

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Alexander Bisset 40 on at

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RE: Gain or Loss on Sales of Fixed Assets

Exactly I typically put them all as expense so that sort ordering for hierarchies in Power BI doesn't get upset. It would be a lot better if there was a below the line category though - with a better name than Below the line.
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Dallefeld 169 User Group Leader on at

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RE: Gain or Loss on Sales of Fixed Assets

Since there is no 'below the line item category', You just choose your preference (income or expense). We typically see this account toward the bottom of the income statement which is probably what Alexander was refering to.
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Alexander Bisset 40 on at

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RE: Gain or Loss on Sales of Fixed Assets

I believe it's classed as a "below the line" expense. ie: a post Net Profit pre-tax calculation. "Below the line" as in it affects your total profit/loss pre-tax but isn't included within the Gross/Net Profit calculations because it's an "extraordinary" activity.