I'm glad to have you in this thread, nicolakennedybss.
Yes, you're right. The information provided by my colleague above is to set up an account within QuickBooks Online (QBO). In regards to your concern, the Accumulated Depreciation will not automatically set as a contra account in QBO. We still have to manually set up and track on how much we depreciate a fixed asset into this account.
For more details about this one, I would recommend consulting your accountant and getting further assistance from them. This is to ensure that everything is accurate, and the reporting of your book is moving well.
You may consider checking these articles. The details that we will be getting in there are all for Chart of Accounts (COA) in QBO:
If you have more something to ask about accounts in the online product, please let us know by posting a new one below. I'm right here together with the Community people to assist you. I hope you're doing well. Keep safe!
