Non-Profit
Museum Deaccessioning (Sale of Art)
Recording the sale of a collection item where proceeds are legally restricted for new acquisitions.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash (Restricted) | Asset (+) | 50,000.00 | - |
| Gain on Sale of Collections (Restricted) | Revenue (+) | - | 50,000.00 |
💡 Accountant's Note
In museum accounting (AAM standards), money from selling art cannot be used for operations. It is recorded as restricted revenue and can only be used to buy other items for the collection.
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