If you’ve sold a tractor, sprayer, or any other piece of equipment that you had listed as an asset in FarmRaise Tracks, this guide walks you through the steps to record the sale and clean up your asset sheet—so your books and balance sheet stay accurate.
Quick Summary
Record the sale as Revenue in your Transactions tab.
Choose whether to keep or remove the asset from your asset list:
Set the value to $0 if you want to keep the record.
Delete the asset entirely if you no longer want it listed on your balance sheet.
Step-by-Step: Recording the Asset Sale
1. Log the Sale as Income
You’ll first want to capture the cash or check you received from selling your asset.
To do this:
Go to your Transactions tab.
Click “+ Add Transaction.”
Fill in the following fields:
Transaction Type: Revenue
Category: Choose something like “Sale of Assets” (or create a custom tag if needed).
Description: Note what was sold (e.g., “Sold 2014 John Deere 5075E”).
Amount: Enter the sale price.
Date: Date the sale took place.
Tip: Save a note or upload the bill of sale as an attachment for tax time!
Step 2: Update or Remove the Asset
Now that you've recorded the sale, you'll need to prevent the asset from appearing incorrectly on your Balance Sheet.
You have two options:
Option A: Keep the Asset (But Show It’s Gone)
If you want to retain a historical record of the asset:
Go to your Assets tab.
Find the asset you sold (e.g., your sprayer).
Click Edit.
Change the Asset Value to
$0.Save the changes.
This removes its value from your Balance Sheet but keeps the record for future reference.
Option B: Delete the Asset
If you’re done with the asset and don’t need to keep the record:
Go to your Assets tab.
Click the trash icon 🗑️ next to the asset you sold.
Confirm you want to delete it.
Warning: This will permanently remove the asset, including depreciation history.
Example Scenario: Selling an Old Tractor
Situation:
You logged your John Deere tractor as an intermediate asset, depreciated it using the straight-line method, and just sold it for $5,000.
Here’s what to do:
Add a $5,000 Revenue Transaction labeled “Tractor Sale.”
Option A: Set the tractor’s value to $0 if you want to keep it on file.
Option B: Delete the tractor from your asset sheet if you don’t want it showing up anymore.
Why This Matters
If you don’t update or remove the asset, your balance sheet will show more value than your farm really has, which could:
Throw off your net worth
Confuse your tax preparer
Misrepresent your financials to lenders
Need Help Editing or Deleting an Asset?
Check out our step-by-step guide:
👉 How to Edit or Delete an Asset in FarmRaise Tracks
If you’re ever unsure, reach out to your FarmRaise Advisor or email us at [email protected]. We’re here to help you keep your records clean and simple.