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A
abufz2018
September 26, 2019
Question

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

  • September 26, 2019
  • 1 reply
  • 0 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 .

1 reply

Rustler
Rustler
September 26, 2019

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


J
jmcglynn1
July 24, 2020

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
Rustler
July 24, 2020

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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