Welcome to the Community space, @Laura1980. Let me add some information about depreciation in QuickBooks Online (QBO).
QuickBooks Online (QBO) doesn't automatically depreciate fixed assets. Instead we can manually use journal entries to track depreciation asset accounts. You can also review this article from the IRS.
To ensure that your recording are accurate, I recommend consulting your accountant. They can provide advice and help you regularly review how you track depreciation assets in QBO. If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area.
To learn more about the process, please see this article: : Depreciate assets in QuickBooks Online
I'm also including this article to learn more about creating journal entries in QBO in the future: Create a journal entry in QuickBooks Online.
Just go back to this thread if you have other questions or concerns about tracking depreciation in QBO. I'll keep an eye out for your response.
