Sure, you can create a Journal Entry by clicking the + Create button and selecting Journal Entry.
- On the first line, choose an Account and enter the amount as a Debit or Credit.
- Select the corresponding Account and enter the same amount in the opposite column; your debits and credits should balance.
- Add a Memo to describe the purpose of the entry.
- Confirm the totals match, then select Save and close.
To record Depreciation, first ensure that you have a Depreciation Expense account and an Accumulated Depreciation account in your Chart of Accounts.
Once those are set up, you now have accounts to track your assets and their depreciation. Click + Create and select Journal Entry. Enter the date of the adjustment. On the first line, select Depreciation Expense and enter the amount in the Debit column. Then, select Accumulated Depreciation; the system will automatically put the matching amount in the Credit column. Add a description Annual Depreciation for Equipment, and click Save and close.
You can visit this article to learn how Depreciate assets works in QuickBooks Online: Depreciate assets in QuickBooks Online.
Every business is unique; we advise consulting your accountant before recording these entries. They can help you choose the right accounts and ensure your numbers follow the tax laws for your industry.
Regarding the training mentioned, QuickBooks Online Advanced gives you special support called Priority Circle. With this, you get training videos you can watch anytime and a team to help you. To find these, click the Help icon at the top right and search for Training Center.
For additional questions or concerns, you can leave a comment below.
