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BLACK FRIDAY SALE 70% OFF QuickBooks for 3 months* Ends 11/30
Buy nowThank you for your help. Someone else in this community said accumulated amortization should not be seen as a negative number on the balance sheet so I am confused on this... I credited accumulated amortization and debited amortization expense. The QuickBooks Online Balance Sheet shows this:
Fixed Asset $850,000
Accumulated Amortization - $50,000
Total Fixed Asset $800,000
Is this correct? The other community member said the Accumulated Amortization would not be a negative number but QuickBooks would still subtract the amount because it considers it a Contra Asset.