First you'll want to go up to the new button on the top left and under the other column click journal entry. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications.This entry has several steps to account for the updates to your portfolio. It removes the property from your balance sheet, clears its accumulated depreciation. What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? Learn how to record a journal entry for disposals of fixed assets with example entries from various scenarios. Should I use a Journal entry again and get rid of the asset and diminish my Loan to 0 and only then dispose the Fixed asset? Amortization in accounting is a technique to gradually writedown the cost of an intangible asset over its expected useful life.