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Jenna Nickerson
Level 1

I incorrectly entered my depreciation for last year. How do correct it for my taxes this year?

the depreciation credits and debits were entered in reverse and did not provide the correct tax credit.
1 Comment 1
Trish_T
QuickBooks Team

I incorrectly entered my depreciation for last year. How do correct it for my taxes this year?

Hello Jenna Nickerson,

 

Welcome to Community!  Although QuickBooks Online doesn't automatically depreciate fixed assets, you'll need to manually track the it using journal entries.  When an error occurs, it can be concerning in keeping with government guidelines.   

 

Based on the time frame of your journal entries, making changes can have a negative impact on your books.  For this reason, I recommend speaking with an accounting professional for their expertise and best course of action. If you don't have an accountant, we can help you locate a ProAdvisor in your local area. Click here to learn more about tracking depreciation in QuickBooks Online.

 

If you have any other questions, feel free to reach back out. We would be glad to help!

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