Signed up for QB in 2020, however wanting to add assets from 2019 to depreciate over five years. Where is this entered?

Hi there, @hello155.

I'll share some information about depreciation in QuickBooks Self-Employed (QBSE). 

Adding assets from 2019 to depreciate over five years in QBSE 2020 is unavailable. The reason for this is QBSE is a single entry accounting that only tracks business income and expenses.

But you have an option to switch your subscription to QuickBooks Online. So you're able to add the depreciation transaction in the system. Please go to the Gear icon, then choose Billing info, and hit Explore QuickBooks Online plans to start the upgrade. Also, the data will automatically transfer to QBO. 

If you're unable to see the Explore QuickBooks Online plans option, you'll need to move it manually. For the complete procedure, visit this article: Switch from QuickBooks Self-Employed to QuickBooks Online.

Once you have the online version, you can now add the data using Journal Entry. 

Here's how: 

1. Go to the Plus icon, then choose Journal Entry. 
2. Choose the exact date in the box. 
3. On the first column, select the asset account you use to track the loan. 
4. Enter the amount in the Credit section.
5. On the second line, click the Add new+ to create a depreciation account. 
6. In the Account Type ▼ dropdown, pick Other Expense.
7. Elect Depreciation in the Detailed Type. 
8. Put a name in the field, then tap Save and Close. 
9. Type the number in the Debits column. 

For more information, check out this article: Depreciate assets in QuickBooks Online. 

I've added articles/videos about managing accounts, transactions, reports, and other topics. 

• Video tutorials for QuickBooks Online
• QuickBooks Self-Employed Video tutorials
• Learn about the chart of accounts in QuickBooks
• Comparison chart

If you have additional questions or concerns, post a reply. I'll be right here to assist you further.

@hello155 

For your additional reference

https://quickbooks.intuit.com/learn-support/en-us/product-preferences/choose-the-right-version-of-qu...

If you have to open a new QBO account, make sure to click the Buy button to get the discounted price for up to 3 months. If you purchase from the Trial account, you have to pay the regular rate.

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