Thank you for clarifying things out, greggdrennan.
In QuickBooks Online (QBO), you need to manually track depreciation using journal entries. Before recording their depreciation, you need to set up your assets.
Let me show you how:
- Go to Settings ⚙, then select Chart of Accounts.
- Click New.
- From the Account Type ▼ drop-down, select Fixed Assets or Other Assets.
- From the Detail Type ▼ drop-down, select the option that closely describes the asset.
- Name the account, then select the Track depreciation of this asset checkbox.
- Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
- When you're done, click Save and Close.
Once done, you can set up a depreciation account and record their depreciation.
Additionally, the list of Chart of Accounts provided by QBO depends on your industry type. And, here's a link to see default accounts: Industry Type and Listed Accounts.
Moreover, please know that although QuickBooks Self-Employed exports are in the exported file, QBO may not keep them when you import the file. These categories are based on a Schedule C and QBO doesn't use the same categories.
Once transactions are imported to QBO, you need to review and categorize your transactions.
Let me know if there's anything else I can help you with in QuickBooks. I'm always right here to provide the information that you need.
