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M
MHines2022
May 1, 2022
Question

Fixed Asset Depreciation

  • May 1, 2022
  • 1 reply
  • 0 views

Hi!

 

I am setting up fixed asset accounts to track depreciation.  Could someone tell me if I am filling this in correctly?  Under the "Original Cost" do I put the purchase cost (less Tax) and the date of purchase then followed by "Depreciation" and "As Of" would I put in the value of the machine as of the beginning of the tax year? 

 

If this is correct, will I still need to make Journal Entries to track the depreciation or will QB calculate this for me?  

 

Thanks!

 

Michelle

1 reply

J
JamesM4
May 2, 2022

Hi Michelle,

 

Thanks for contacting us here. QuickBooks Online is a hassle-free program that simplifies the way you manage your accounting. I'll be glad to point you in the right direction so you can achieve your QuickBooks goals. Recording your transactions the right way is a good exercise for keeping your books accurate.

 

To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here. In the meantime, check out this helpful article that provides more info on how to accurately: Depreciate assets in QuickBooks Online. 

 

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to assist.

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