Depreciation

Let me provide some information on how depreciation is being done in QuickBooks Online (QBO), CarrieMT.

Once we set up your assets, we can record their depreciation. QBO doesn't automatically depreciate fixed assets, instead, we can manually track depreciation using journal entries. Since calculating asset depreciation is difficult, I'd suggest consulting your accountant to get more details about this one. You can also review this article from the IRS. Here's how you can set up a depreciation account: 

1. Go to the Gear icon on the top menu.
2. Select Chart of Accounts.
3. Tap New.
4. From the Account Type dropdown, choose Other Expense.
5. From the Detail Type dropdown, select Depreciation.
6. Give the account a name, like "[Asset] depreciation]"
7. Press Save and Close.

Then, follow Step 2 in the Depreciate assets in QuickBooks Online article to record the depreciation. 

Feel free to visit our Banking page for more insights about bank feeds and reconciling accounts.

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. Take care always.

@CarrieMT 

As another option, you may record the depreciation journal automatically by utilize a 3rd party app.