Thanks for that. That's just advice as to how to set up a normal account. Is Accumulated Depreciation automatically registered on QBO as a contra account so?

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@Jovychris_A wrote:

Thanks for responding on this thread, @nicolakennedybss.

 

Let me give you the detailed steps on how to set up a contra account for accumulated depreciation.

 

Here's how:

1. Go to Accounting on the left pane.
2. Select Chart of Accounts.
3. Click New on the upper right.
4. Select the Account Type, Detail Type, and Name of the account.
5. Click Save and Close.
   

I also recommend consulting your accountant if you need an accounting advice.

 

I'll add this article as your reference on how to add accounts to keep track of your transactions: Add an account to your chart of accounts in QuickBooks Online.

 

Just in case you wanted to run a report from your accounts, you can click the drop-down ▼ button on the Action column and then select Run report.

 

If you wanted to create a customized display of a report that you want to memorize, here's your reference: Memorize reports in QuickBooks Online.

 

Please feel free to reply if you need further assistance. I'll keep my notifications open. Stay safe and healthy!

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