It's good to see new faces in the Community space, chanellec. Let me help you with your depreciation in QuickBooks Online.
QuickBooks Online (QBO) doesn't have the feature to automatically record the depreciation of assets. However, you can manually enter it using journal entries. Before doing it, ensure you already set up a depreciation account.
Here's how to create a journal entry:
- Select + New. Then select Journal entry.
- 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.
- On the second line, select the Depreciation account you just created from the Account ▼ dropdown. Enter the same depreciated amount in the Debits column.
- Select Save.
Additionally, you're correct about the external register. It's advisable to consult with your accountant as they are knowledgeable about the calculation methods you will be using.
Moreover, I've added these resources to help you monitor how your business is doing and ensure your books remain accurate:
If you have additional questions about your depreciation in QBO, please post a Reply on this thread.
