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usertony2
Level 1

Hello QBO community ! If I purchased two computers ( FA ) in two different dates , both >$2500 , is it possible to depreciate both in one accounting entry

 
2 Comments 2
john-pero
Community Champion

Hello QBO community ! If I purchased two computers ( FA ) in two different dates , both >$2500 , is it possible to depreciate both in one accounting entry

It will depend on the dates. If within same quarter or even first half of year you should be fine. Depreciation is a tax item and is generally (in my almost 50 years of accounting) taken once on last day of fiscal year. You will fill out form 4562 and then record results in your books.  One journal entry per year regardless of in service date as the in service date will determine how much 1st year you take on each item

usertony2
Level 1

Hello QBO community ! If I purchased two computers ( FA ) in two different dates , both >$2500 , is it possible to depreciate both in one accounting entry

Hey Jon ! Thanks for clarifying . However,  the first computer was bought for $3874.86 in Jan 2020, the second in December for $3072.99 of the same fiscal year.  Our former accountant started depreciation as of 2/29/2020 for $107.64 then as of 1/31/2021 , a new variation of $193. all that was falling under accumulated depreciation.  is it normal this from an accounting standpoint? thanks Jon

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