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Former Member
Sep 06, 2013 at 07:36 PM

Asset gain/loss entry


We have an issue that we have not found a solution for that involves recording the gain/loss related to the sale of an asset to the Gain/Loss P&L account instead of A./D. We are familiar with booking retirements with or without revenue. Currently, the gain/loss calculated with sale or retirement is automatically booked to accumulated depreciation, not gain/loss accounts. We have sold some assets and the handling is unique in that we will have to book a gain. We cannot post against accumulated depreciation. We thought that we might need another transaction type that will book to a gain/loss account instead of accumulated depreciation, but that would require moving all of the assets to a new account determination. And It doesn't seem possible either because the accounts are all balance sheet, and not profit/loss accounts. Any help is appreciated.

With the current configuration the entry would be:

loss made on asset retirement w/o revenue A/D General Plant

Clearing acct revenue from asset sale Asset Sale clearing

Gain from Asset sale A/D General Plant

Loss from asset sale A/D General Plant
Clearing revenue sale to affil company Asset sale clearing

We would like for the A/D General plant entries to go to our Gain/Loss account instead. We have to record a gain, and cannot post it against accumulated depreciation.