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Hello there, Pamela22.
In QuickBooks Online (QBO), once depreciation has been recorded for existing fixed assets, we cannot directly change the depreciation expense account. This restriction is in place to maintain the integrity of the accounting records and ensure the consistency of the depreciation expense account throughout the life of the fixed asset.
In QuickBooks Online (QBO), once depreciation has been recorded for existing fixed assets, we cannot directly change the depreciation expense account. This restriction is in place to maintain the integrity of the accounting records and ensure the consistency of the depreciation expense account throughout the life of the fixed asset.
Since you need to adjust the depreciation expense account for a fixed asset, we may need to create a journal entry to correct the records.
Here's how:
- Click the + Create button, and then select Journal Entry.
- On the first line, choose an account and enter the amount in either the Debits or Credits column.
- On the second line, select the other account you need to transfer money between and enter the same amount in the opposite column to balance the Debits and Credits.
- Next, add a description in the Memo section and select Save and close to complete the transaction.
However, it is advisable to consult your accountant for guidance on the appropriate category for grant-funded assets and how to make the adjustment in QuickBooks Online (QBO).
If you have any questions or need additional information, feel free to add your reply below, Pamela22. We look forward to working with you and supporting the concerns tied to your grant funding.
