Go to the Company menu. Asset disposal is the removal of a long-term asset from the company's accounting records.It is an important concept because capital assets. Journalize entries for sale of assets. I'm here to help so you can record the loan properly in QuickBooks Desktop. To start, you'll need to set up a liability account to track the loan. A special screencast on QuickBooks help talking about an owner financed sale of an asset. 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. Required: Show the journal entries to record this asset disposal transaction.