Thanks for your quick reply Bonnie!
The devil is in the detail hey? I did everything correct up until the credit entry, based on QB help listed below which I obtained in the search box:
At the end of the year when you or your accountant have calculated the depreciation amount, enter the transaction:
- Go to the Gear Icon tab and click Journal Entry.
- In the first line:
- For Account select your depreciation expense account.
- Under Debits list the amount of the depreciation.
- On the second line:
- For Account select the asset account you are Depreciating.
- Under Credits, list the amount of depreciation.
- Click Save
Worded slightly differently so I entered it into the wrong spot- your direction is slightly clearer I will alter now thank you!!! So basically there needs to be deprecation account AND an accumulated deprecation account for each asset?
