Hi there, @bbgtllc-accts.

Thank you for reaching out to us here on the Community page.

In QuickBooks Online, you can track depreciation using journal entries. I'm here to help you with recording depreciation in QuickBooks Online.

First, set up a depreciation account.

1. Go to the Gear icon, then select Chart of Accounts.
2. Select New.
3. From the Account Type dropdown, click Other Expense.
4. From the Detail Type dropdown, select Depreciation.
5. Give the account a name, like "[Asset] depreciation]"
6. Select Save and Close.

After that, you're now ready to record the depreciation. Before creating an entry, I recommend seeking help from an accountant. This way, he/she can help you further with proper accounting and tracking the lost value of an asset accurately. 

Here's how to enter the journal entry:

1. Go to the (+) New icon, then select Journal entry.
2. On the first line, select the asset account you use to track the loan from the Account dropdown. Enter the depreciated amount in the Credits column.
3. On the second line, select the Depreciation account you just created from the Account dropdown. Enter the same depreciated amount in the Debits column.
4. Select Save.

If you don't want to use journal entries, you can check out this article on how to record depreciation without using a journal entry.

For more resources, while working with your transactions in the future, you can also open the topics from our help articles.

If you have any other questions about depreciation, please feel free to leave a comment below. I'll get back here as soon as I can to help you again. Thanks for coming, wishing you a good one!