In a journal entry, you must remove the original cost of the property and its accumulated depreciation from your records. Accountants use special forms called journals to keep track of their business transactions.Go to the Company menu. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. This post considers an example of a vehicle purchase, to show how to record the entries and the impact on the financial statements. Run the SPA CAAB 105 report to show the amount of disposals for the agency. This report contains disposals of property to parties external to the state. 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. When a fixed asset – such as equipment – is acquired, the bookkeeping process requires a journal entry.