How to add an Accumulated Depreciation in QuickBooks online for each fixed Asset Separately and accumulate for each type, please advise steps with video support

abufz2018 · ‎September 26, 2019

1.As we are at end of the year, i wanted to record accumulated depreciation of my all Fixed asset .

2. i am not sure if we created a proper depreciation account for each Fixed Asset/type, hence i want the steps to create and step to record the accumulated depreciation ,so the effect will take place .

Rustler · ‎September 26, 2019

There are several ways to structure the fixed asset account list, I do it like this
fixed assets
>>Truck, Dodge 1500
>> >> cost
>> >> accumulated depreciation Dodge 1500

>>Van, Mercedes
>> >>cost
>> >> accumulated depreciation Mercedes

journal entry
debit depreciation expense
credit fixed asset accumulated depreciation, Dodge 1500
credit fixed asset accumulated depreciation, Mercedes

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How to add an Accumulated Depreciation in QuickBooks online for each fixed Asset Separately and accumulate for each type, please advise steps with video support