Generally if the title is in your husband's name personally then it is personal and the asset value is not part of the company.  However, there are specific rules around the use of personal vehicles.  You mentioned depreciation that will need to be reversed as well when you sell it, therefore it sounds like the accountant did record it last year as part of the business, so the best person to discuss this with is your accountant.

Then when you have the journal entries, which would normally be entered through the General Journal module, you can get back to us with them if you are having problems doing the entry.  But first you need to determine the entry first, then we can help you get it into the program.

Clynn said:

The next question: We are actually in the process of selling this truck for $8500.  So, I need to account for this as well.  The would be Debit Bank, Credit Vehicle?

That's only part of it.  If your truck's original value is $10,000 and you have written off $2000 and you get $8500 (let's not get sales tax in this for now), then you would likely have to record

Which is why it is best to discuss it with the accountant to make sure the vehicle was written into the company.  The accountant may just tell you to record it as Dr Bank Cr Revenue and the accountant will fix it at year end, but then they will already know it has to be done.

Looking back on our taxes (the accountant recorded it as part of the business), the accountant placed the value of the vehicle as $5544.49 as a class 10 capital costs which depreciates at 30%.  The undepreciated capital cost at year end was $3817.78, but we sold it for $8500.

So, now I'm even more confused.  I'm not sure where to start.

To be honest, since you are having problems translating the numbers you have, to the entry I originally suggested you confirm with your accountant, you should start with a phone call/email to your accountant.

The entry should be confirmed with your accountant but will likely be something like (if I have the numbers correct):

The revenue entry could a revenue account for Gain/(Loss) on Sale of Capital Assets or could be an expense account for Loss/(Gain) on sale of Capital Assets.  You should also discuss if sales tax was applicable if your company is GST/HST registered.

But as I mentioned before, the accountant may just say, "why worry about that stuff, I will do all that at your year end, just post it to a separate revenue account so I can see it on your books, when you deposit to the bank and account for the applicable sales taxes".  Talking with your accountant can sometimes relieve a lot of stress.

Just one more thing.  This explains how to input the sale of the vehicle, however, because it was a pre-existing purchase, I forgot to include it in Sage as an asset in the first place.  How would I have done that?

I thought it was already a part of the books.  You said:

Clynn said:

...the accountant placed the value of the vehicle as $5544.49 as a class 10 capital costs which depreciates at 30%.

He claimed it on our taxes (sole proprietorship), but I did not input this into Sage.

And therefore I refer you back to my original post where I said

Richard S. Ridings said:

Which is why it is best to discuss it with the accountant

LOL!  Ok.  Thanks for you help!!