What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? 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?Buying or selling a Maryland business? 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. A writedown is a technique that accountants use to reduce the value of an asset to offset a loss or an expense. I'm going to show you a way to record the sale of a financed asset uh in QuickBook so you can record the gain rate record the cash you get.