Asset Dissolution

Hi there, @CJ3838.

Thanks for taking the time to reach out to the QuickBooks Community. I hope you're having a great day so far. 

In the past, we have seen users in similar situations use a Journal Entry. For example using your information, you could use a journal entry to record the cash inflow, remove the asset's cost, reverse accumulated depreciation, and recognize a gain or loss. The entry removes the asset from the balance sheet, ensuring accurate financial records.

For more information about using journal entries, check out Create Journal Entry in QuickBooks Online. 

Please know before making any changes to your books, it's always important to consult with your accounting professional. Your accountant can advise the best way to handle the asset based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center. 

Don't hesitate to let me know if there is anything else I can assist you with. Take care!