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Jea2252
Level 2

Applying a payment to a liability and depreciation

I have set up a long term liability account. This is for an asset that I will start to depreciate. I made the liability account payable, however it shows up as an opening balance. I used a negative value to make the account. My question is how do I start to show the payments to pay the loan off and to depreciate the asset. I will create an expense account for the interest.  I used a journal entry to create the the accounts. Should this be showing up as an opening balance. I can only show one photo. There is also an entry to show it in the asset account 

Solved
Best answer September 22, 2021

Best Answers
JessT
Moderator

Applying a payment to a liability and depreciation

Hi Jea2252!

 

Welcome and thank you for getting help with tracking your asset. I'll share a reference with you.

 

You'll want to set up a depreciation account to track your assets and your payments. Please follow the steps in this article: Depreciate assets in QuickBooks Online.

 

Let me know if you have other questions in mind.

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1 Comment 1
JessT
Moderator

Applying a payment to a liability and depreciation

Hi Jea2252!

 

Welcome and thank you for getting help with tracking your asset. I'll share a reference with you.

 

You'll want to set up a depreciation account to track your assets and your payments. Please follow the steps in this article: Depreciate assets in QuickBooks Online.

 

Let me know if you have other questions in mind.

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