Welcome to the Community, @keyurv.
Let me share info about adding a depreciation schedule in QuickBooks Online (QBO).
The availability of this feature is only present in QuickBooks Online (QBO) Advanced and Accountant. If you're utilizing one of these products, you'll need to set up the correct asset account.
After that, the depreciation schedule will be created automatically, and the entries will be posted every 1st day of the month. Moreover, there are two ways to add fixed asset accounts, which are single and multiple methods.
In adding a single fixed asset, you can follow these steps:
- Click on Advanced accounting, then select the Fixed assets option.
- Pick Add an asset.
- Fill out the details for your fixed asset:
* Purchase price
* Useful life
* Depreciation method
* Depreciation start date
* Accumulated depreciation if you have an asset that has already started depreciating.
* Asset account
* Depreciation expense account
* Accumulated depreciation account
- If the fixed asset you're adding has started depreciating, choose Calculate so QuickBooks will calculate the accumulated depreciation for the parameters you've chosen. Then, Save.
For detailed steps on adding multiple fixed assets and viewing the depreciation schedule, feel free to read this article: Add and manage fixed assets in QuickBooks Online Advanced.
If you want to create a summary of details of your depreciated asset, check out this article: Run Fixed Asset report in QuickBooks Online.
Leave a comment below if you have additional questions about adding a depreciation schedule. We'll be willing to help. Thank you, and have a good one.
