How do i depreciate assets?

Hello Rustler. I have an issue here, back in 2017 I purchased some computers and furniture, none of that has been depreciated. Can I do the depreciation as of 12/31/2019? If so, straight line depreciation is OK?

After properly recording depreciation, it does not show as a line item in my P&L?  Any suggestions?

Thanks for joining on this thread, @traderspot.

I appreciate you for sharing to us the result of the steps you’ve performed to record the depreciation. I can provide clarification on why the account didn’t show as a line item on the Profit and Loss Report.

This can happen when the date and category type used is incorrect. The date affects how the data are reflected in the report. I recognized that you’ve properly set up the depreciation.

However, let’s review the account and make sure the Depreciation is selected as the Detail Type. Here's how:

1. Go to the Accounting menu to choose Chart of Accounts.
2. From the list, choose the Depreciation and then hit the drop-down under the Action column to select Edit.
3. In the Account window, make sure the Other Expense is the Account Type, and then Depreciation is the category.
   
4. Change the information if it’s incorrect.
5. Click Save and Close.

Once done, open the Profit and Loss Report again and set the correct date in the Report period drop-down. After following these steps, you’ll be able to see depreciation in the Other Expenses section.

Let me share the Depreciate assets in QuickBooks Online article. It outlines the instructions on how to enter the account in your company.

Keep in touch if you have any other concerns or questions. I’ll get back to answer them for you. Enjoy the rest of the day.