6950 Loss on Disposal of Assets
The loss recognized when you sell or scrap a fixed asset for less than its net book value.
In Solo Superstars
Computed by the Fixed assets page when disposal proceeds fall short of cost minus accumulated depreciation.
Example
Scrap a laptop with 300 of book value left for nothing: debit 6950 300.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- loss on sale
Related
- Disposal — Selling, scrapping or giving away a fixed asset. Removes its cost and accumulated depreciation and books any gain or loss.
- Gain / loss on disposal — The difference between what you got for a fixed asset and its net book value. Gain is other income; loss is other expense.
- 4950 Gain on Disposal of Assets — Income recognized when you sell or scrap a fixed asset for more than its net book value.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.