Hello there, YAD.
You can create a journal entry to record the depreciated amount by debiting all the depreciation expense, then credit fixed asset. However, before we proceed with the steps, I highly suggest consulting your accountant for guidance on which option best suits for you. Then, verify the account for the debit and credit side of the transaction.
To create a journal entry in QuickBooks Online (QBO), here's how:
- Click the + New button in the left navigation menu.
- Select Journal entry.
- Fill out the fields to create your journal entry.
- Pick Save and new or Save and close.
For your future tasks, here's a helpful article for some directions when you're ready to do the year-end tasks: QuickBooks Online year-end guide and checklist.
Keep me posted if you have any additional questions, as I'm always here to help. Take care.
