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. 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. But generally speaking I would create a journal entry to record the acquisition as follows. 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. 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? I am going to show you two ways to record the purchase of a financed asset which is an asset that you get a loan on. Required: Record the following transactions for Oakland Corporation: 1.