I can share how you can calculate the depreciation amount, denise2310.
Determining the amount of depreciation to deduct can be a complex process, and the IRS rules on the subject change often.
In QuickBooks, all depreciation assets are fixed assets. But, not all fixed assets are depreciable. For an asset to be depreciated, it must lose its value over time.
Your accountant knows the best methods. I recommend working with them to regularly review how you track depreciation. You should also review this article from the IRS.
In addition to this, the Fixed Asset Manager (FAM) is a feature available in QuickBooks Desktop that computes depreciation of fixed assets based on the standards published by the IRS.
Since QuickBooks Desktop and QuickBooks Fixed Asset Manager have different data files, it's important on how to set up Fixed Asset Manager (FAM) to ensure that your fixed asset financial information is properly handled.
I've also added these articles to help you manage and move your fixed asset data to your new device:
Don't hesitate to get back in here if you have other concerns. I'll be glad to assist you. Have a pleasant day.
