Hello there, James. I'll share some details with regard to categorize accumulated depreciation.
PLease note that QuickBooks Online doesn't automatically categorize transactions unless you set up bank rules. You will have to manually review and categorise the transactions within the system.
Furthermore, accumulated depreciation functions as a contra account, reducing the cost of fixed asset items on the balance sheet. I suggest consulting with your accountant to ensure proper management of your entries in the appropriate accounts. They are best equipped to assist you in categorising accumulated depreciation as a contra asset account.
You can also reconcile your accounts so they always match your bank and credit card statements.
I'll circle back to you with resources and information to share about categorisation in QuickBooks Online (QBO). Simply hit the Reply button below. Keep safe.
