The quick read
Key points
- Retain purchase and asset history.
- Match net proceeds to the statement and bank.
- Review remaining property balances.
Preserve the asset history
Gather purchase records, improvements, recorded depreciation and prior adjustments before closing the property in your workflow. Keep the dates and sources for each balance. The current bank deposit does not contain the history needed to explain the disposal.
Read the settlement as a whole
Retain the final sale statement, loan payoff and proof of proceeds. List the sale price, costs, credits, withheld amounts and debt settlement separately. Compare the final cash received with the bank, including any later adjustments.
Prepare the proposed accounting
Give the complete pack to your accountant for the disposal and any gain or loss calculation. Avoid booking the entire net deposit as ordinary rent. If proceeds are already imported, identify that row in the handoff to prevent a second cash entry.
Review the closing reports
After approved entries, inspect the remaining bank, loan and asset balances for the sold property. Retain the explanation for any balance that remains. Tax consequences and filing treatment are outside this guide; it is not tax advice.
Before you finish
- Retain purchase and asset history.
- Match net proceeds to the statement and bank.
- Review remaining property balances.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.