Good Evening John-Pero

I agree with you sir, on the depreciation of assets, and entering the expense twice. I don't recall using the Journal entry to enter expenses as I never do.  This is what I believe happened in my process

1. Entered the expense by creating and created a fixed asset category

2. Set up original cost, and track depreciation of asset as of...

This caused me to enter the transaction as an expense, while simultaneously creating the fixed asset. Also, I should point out, I'm trying to get the books aligned with previous year depreciation.

Here's what I did a moment ago, as I think work through this based on your input.

1. Deleted the expense which aligned my original cost to the actual purchase price

2. Made a J/E crediting depreciation, debiting opening balance equity

The result is a book value aligned with prior year depr.  Meaning, if my basis is 485 minus 49 prior year depr, current book value is 436.

I believe this is accurate because book depreciation schedule shows prior year depr. at 49 and if I continue following the same method, I should be ok?