Sell a payment of property

1. Access the record of the Property payment to sell. For information about how to access a payment record, see Search for Transactions.

2. Under Tasks, select Sell property.

3. In the Date of sale field, select the date your organization initiates the property.

4. In the Sale amount field, enter the amount your organization receives from the sale of the property.

5. In the Fees field, 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.

6. In the general ledger post status field, select whether to post the transaction to the general ledger. To include the transaction when your organization next runs the process to post revenue to the general ledger, select "Not Posted."

7. The Original property amount 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 original property 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.

8. Select Save.

• The Payment method field indicates that the property is sold and the amount at which your organization sold it.

• On the General Ledger Distributions tab, the Sold Property general ledger distributions grid appears. For information about this grid, see General Ledger Distributions.