You can depreciate an asset without the use of a Journal Entry. After creating a depreciation expense account, follow the steps below:
At the end of the year when you or your accountant have calculated the depreciation amount, enter the transaction below:
- Select + New.
- Select Expense.
- Under Category Details, select Other Expense, then enter the depreciation amount in the Amount column.
- In the second line, select the asset account you are depreciating and enter the same amount in a negative figure.
- Select Save and Close.