What Should I do if i Sold one of my Assets?

[Talal]

Hi,

I have a question regarding Balance.

If I have 5000 $ in Bank account
and in assets, I put my car as an assets with 10000 $, now I have 15000 $ in Balance

what should I do if I sell my car with 5000 $?,my balance should be 10000, if i put it in transaction it will be income with 5000 $, but actually it should be a reduction from my balance and should also be removed from Assets

Thanks

 

[stanbusk]

You have to create a 'Depreciation' account in 'Expenses' and create a transaction of $5000 from your car asset to that account.