How to add an Accumulated Depreciation in QuickBooks online for each fixed Asset Separately and accumulate for each type, please advise steps with video support

Forum|Forum|6 years ago
September 26, 2019
1 reply
25 views

1.As we are at end of the year, i wanted to record accumulated depreciation of my all Fixed asset .

2. i am not sure if we created a proper depreciation account for each Fixed Asset/type, hence i want the steps to create and step to record the accumulated depreciation ,so the effect will take place .

QuickBooks Online

Rustler

Level 15

There are several ways to structure the fixed asset account list, I do it like this
fixed assets
>>Truck, Dodge 1500
>> >> cost
>> >> accumulated depreciation Dodge 1500

>>Van, Mercedes
>> >>cost
>> >> accumulated depreciation Mercedes

journal entry
debit depreciation expense
credit fixed asset accumulated depreciation, Dodge 1500
credit fixed asset accumulated depreciation, Mercedes

jmcglynn1

I would like to group the asset with the accum deprec directly under the asset on the Balance Sheet. However, I understand the asset is listed as a fixed asset, however, the accum depreciation has to an "other asset" so it can't grouped directly under the asset. Is this correct?

Also, should be accum deprec show up as a negative number on the Balance Sheet?

Rustler

Level 15

No accumulated depreciation is the same type of account, fixed asset, then it acts like a contra account lowering the full amount. No it is not a negative entry, it is a credit entry to the fixed asset depreciation account

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