The equipment sold is used. A journal entry in Phoenix will usually be an entry which is not a usual income or expense transaction appearing in a bank account.The selling price is direct from your settlement sheet. The underlying assets sold may have a current value of zero if fully depreciated. Here's a step-by-step guide with examples! GST Journal Entry: Find out how to pass accounting entries under GST and the GST Impact on Financials. 2010 changes to the GST rules cover zero-rating of land transactions and apply to goods supplied on or after 1 April 2011. Includes a new definition of 'land'. Phoenix Cash Book is a simple and intuitive double entry accounting solution designed specifically for agribusiness.