Hi Mummieking,

Thanks for reaching out! 

For the journal entry, what accounts are you debiting and crediting? When you record depreciation, you first have to ensure that a depreciation expense account is created in the Chart of Accounts. Here is how you create the account:

1. Go to the Chart of Accounts
2. Click New, and select Other expenses under Account Type, and Depreciation under Detail Type.
3. Name the account Depreciation expense, and Save.

I am also assuming that you have created a Chart of Account for the Fixed Asset and ticked the "track depreciation of this asset" option. Here is how you set it up: 

1. Choose Gear Icon > Chart of Accounts.
2. On the top right click New.
3. Under the category type select Fixed Asset.
4. Select the detail type of asset (if none pertain select the closest and proceed).
5. Name the account.
6. Tick the box Track depreciation of this asset, if you wish to track depreciation (If you tick the box system will automatically create a Depreciation subaccount for the item).
7. Fill in the original cost fields. (If recording the loan, please leave this blank.)
8. Click Save and Close.

When you create the journal entry, you Debit the Depreciation expense account, and credit the Accumulated depreciation account of the fixed asset.

After doing all this, run the P&L report and the depreciation expense would show up.

You can read more about setting up your fixed asset accounts for depreciation here: https://quickbooks.intuit.com/community/Reconciliation/Recording-and-depreciating-assets/m-p/262909/...

Let me know if this helps! 

Bonny