cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get unlimited expert tax help and powerful accounting in one place. Check out QuickBooks Online + Live Expert Tax.
cheermom
Level 1

Adding Accumulated Depreciation for Assets

Since the last update with QBO, there is a different pop-up box for adding COA items. 

 

New client - We've added assets purchased recently but I now have to add accumulated depreciation calculated from last year's tax return.  

 

Under the software pre-update I had no problems adding asset accumulated depreciation but after-update I cannot figure out how to add it.  I need detailed explanation(s) with step-by-step instructions on which button to click and what dropdown to use.

 

I can locate the asset(s) but other than making a journal entry (which will not reflect on the balance sheet), I do not see an option for adding an "accumulated depreciation" item.

 

I clicked on the "Equity" button but there is no option to go further.  

 

Any help will be appreciated.

 

 

1 Comment 1
Jovychris_A
Moderator

Adding Accumulated Depreciation for Assets

Thanks for posting to the Community and sharing details, @cheermom.

 

I can help you find the Accumulated Depreciation account. Under Accountant View, you can create this under Assets and save the book under Fixed Asset Computers.

 

Let me share with you the steps to create the Accumulated Depreciation for Assets account:

 

  1. Click the Gear icon on the top right, and select Chart of accounts.
  2. Click New.
  3. Choose Assets, then from the Save account under* drop-down, select Fixed Asset Computers.


     
  4. From the Tax form section* drop-down field, choose Accumulated Depreciation.


     
  5. Enter your account name and other details (optional) and hit Save.

 

If you're in a Business view while entering a new account in COA, the Account Type should be under Fixed Assets. This way, you can choose the Accumulated Depreciation under the Detail Type. Please see my attachment for visual reference:

 



For your reference, feel free to read this article: Add an account to your chart of accounts in QuickBooks.

 

Furthermore, I'd like to add this article for more information on understanding the difference between the business view and the accountant view: Switch between Business and Accountant view in QuickBooks Online.

 

Let me know in the comment if you successfully add the account. If you have any questions, you can add some comments below. I'm always here to back you up. Have a nice day!

Log in today
Get expert help and peer support to tackle all your QuickBooks questions effortlessly.

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up