Businesses can dispose of Assets they no longer require by selling them second hand to another Business or individual. When selling an asset the GST implication of the sale depends on the GST registration of the Business. 

In this example, the Business is selling a 2nd-hand vehicle that was originally purchased for $36,000 (Ex GST) and they are selling it to another Business for $28,000.

Record the Asset Sale

1. Go to Contacts > All Contacts
2. Find the Contact that has purchased the vehicle (or create it as a new Contact)
3. Click on [New] > Sales Invoice
   
   è  The New Invoice screen opens
   
   
   
   
4. Select/Enter the following details:
   • To > Enter the name of the Customer buying the vehicle
   • Date > Enter the date of the sale
   • Description > Type the description of the sale of the asset
   • Qty > Type: 1
   • Unit Price > Type the Unit Price (inclusive or exclusive of GST)
   • Account > Select: 29X - Sales of 2nd Hand Assets
5. Click on [Approve]
6. Go to the Bank Feeds and match the Sales invoice payment
   
   è  The Bank Feeds screen