Start as normal. The expenditure of money equates to an asset on the books of equal amount. Despite being "inatant" you normally would record depreciation of assets once at fiscal year end. It entails a journal entry debiting depreciation expense and crediting the asset. Once you do that the asset value on books is zero. The following flow is based on US and in your country depreciation might be referred to as something different but concept is same.
- Select Create (+) at the top, then Journal Entry.
- In the first line:
- For Account, select your depreciation expense account.
- Under Debit, list the amount of the depreciation.
- On the second line:
- For Account, select the asset account you are Depreciating.
- Under Credit, list the amount of depreciation.
Consult with your tax accountant about recording the above journal entry today or waiting until year end. Sometimes it is best to wait. What the taxman giveth, the taxman can easily and without notice, take away.
