In an asset sale, specific assets and liabilities are individually transferred from the buyer to the seller at closing via a bill of sale. You can use the Check or Expense option to record the asset that you purchased.Make sure to set up the account on your Chart of Accounts first. The contract will state the date at which the final transfer of ownership and possession of the business will occur, and when the seller will get the money. A business usually has many assets. In an asset sale, a firm sells some or all of its actual assets, either tangible or intangible. The first step to selling your assets is locating a buyer. Once you have done this, you will likely agree to price and major terms surrounding the deal. An asset sale is a type of business transaction in which a buyer purchases all, or part of, a selling business' assets. Each transaction should be evaluated.