Sell Property Screen

Select the date you sell the property.

Enter the amount you receive from the sale of the property.

Enter the amount you pay to the agent who helps you find a buyer for the property. If you include the revenue in a Post to general ledger process, this amount posts as an expense, separate from the loss or gain amount.

Specify the post status of the revenue in the general ledger. You can select Not Posted or Do Not Post. To have the program automatically post the payment when you next run a Post to general ledger process, select Not Posted. To not post the payment to the general ledger, select Do Not Post.

If, in the general ledger post status field, you select “Not Posted”, this field is enabled. Select the date you sell the property.

If you select “Do Not Post”, this field is not enabled.

This field displays the value of the property on the day it transferred to your organization. You enter this information when you add the payment to your database.

In the Loss or Gain field, the program automatically subtracts the unsold amount from the sale amount to calculate and display the amount gained or lost from the sale of the property. If you include the revenue in a Post to general ledger process, this amount is the amount that posts to the general ledger.

If the sale amount is greater than the unsold amount, the Gain field appears and displays the amount of revenue gained in the sale of the property.

If the sale amount is less than the unsold amount, the Loss field appears and displays the amount of revenue lost in the sale of the property.

When you edit information about sold property with a general ledger post status of “Posted” and the change affects the general ledger, this field is enabled. By default, the program automatically enters the current date in this field. Enter the date to associate with the adjustment to the payment.

When you edit information about sold property with a general ledger post status of “Posted” and the change affects the general ledger, this field is enabled. By default, the program automatically enters the current date in this field. Enter the date to associate with the posting of the adjustment in the general ledger.

When you edit information about sold property with a general ledger post status of “Posted” and the change affects the general ledger, this field is enabled.

Select the reason code to explain the need for the adjustment. For information about reason codes for revenue adjustments, refer to Reason Codes.