cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get your Payroll questions answered by a QuickBooks Product Manager here - https://intuit.me/31Nl3My
brookhouseclub
Level 1

In the general ledger report why do some accounts appear to show a wrong sign + or minus? Accum Depreciation has a minus sign. Accruals has no minus sign.

 
1 REPLY 1
Jovychris_A
QuickBooks Team

In the general ledger report why do some accounts appear to show a wrong sign + or minus? Accum Depreciation has a minus sign. Accruals has no minus sign.

Thanks for posting to the Community, @brookhouseclub.

 

Some accounts appear to show sign positive (+) or minus (-), it lies in the timing of when sales and purchase are recorded in your accounts. QuickBooks Online doesn't automatically depreciate fixed assets. If these accounts are showing incorrect sign, you can adjust it by creating a depreciation account and record the depreciation.

 

Here's how to set up a depreciation account:

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Select New.
  3. From the Account Type ▼ dropdown, select Other Expense.
  4. From the Detail Type ▼ dropdown, select Depreciation.
  5. Give the account a name, like "Asset depreciation]"
  6. Select Save and Close.

Now you have accounts to track your assets and their depreciation. Let me show you how:

  1. Select + New and then Journal Entry.
  2. On the first line, select the asset account you use to track the loan from the Account dropdown. Enter the depreciated amount in the Credits column.
  3. On the second line, select the Deprecation account you just created from the Account dropdown. Enter the same depreciated amount in the Debits column.
  4. Select Save.

You can consult an accountant for help.

 

Please feel free to leave a message if you need further assistance. I'll be around to help. Have a good one!