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jmcglynn1
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Thank 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.

 

 

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