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Selling a building

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You have to know that:
  • when a building is sold, the accounting related to it is deleted
  • The sale amount is used to pay the debt (mortgage) whereas the balance is considered as financial asset


When selling the building, you must transfer accounts balances of this building to the accounts related to the company so that your trial balance is at zero after the sale. Here's how to proceed:
  1. Validate the accounting of the building to be sold
    2.
    1. Go in the left menu, Report, Financial Statements
    2. Select the building in the left box
    3. Check the Trial Balance report
    4. Specify the date of the building transaction sale in the Parameters section
    5. Click on View
    6. Click on the printer icon in the upper left corner of the window
  2. Selling the building from an accounting standpoint
    1. Go in the left menu, General Ledger
    2. Select the desired building
    3. Click on Add to create a new entry
    4. Enter the date of the sale
    5. Identify the accounting entry (e.g. building sale)
    6. Indicate for each account appearing in the trial balance the opposite of the balance in order to cancel these amounts.


      7. For example, if in your trial balance you have $10,000 at the debit for the 1200 account - Rents to receive, you will have to credit $10,000 for the 1200 account-Rents to receive.
  3. Transfer the money from the building to the company
    1. Go in the left menu, General Ledger
    2. Select the concerned company
    3. Click on Add to create a new entry
    4. Enter the date of the sale + 1 day
    5. Identify the entry (e.g. building X accounting transfer)
    6. Enter for each account appearing in the trial balance the same balance in order to transfer the money.

      7. For example, if in your trial balance you have $10,000 at the debit for the account 1200-Rents to receive, you will have to enter $10,000 to the debit for the account 1200-Rents to receive.

    7. Enter the building generated sale profit at the credit in the Retained earnings account and complete the entry at the debit in the current account (1060).
  4. Selling the building
    5.
    1. Go in the left menu/Data/Buildings
    2. Select the concerned building
    3. Go to Notes/Building sold
    4. Click on Sold


    Note You can enter December 31 as for the date of the building sale. Fnancial statements however will not be available before the next fiscal year.

    At the time of the building sale, you will not have any more access to its accounting, which will be hidden for that matter. To view the building again and reopen its accounting, you must display the sold building.
Mots clés::  how ,  selling ,  building ,  sell