If the depreciation a/c is "Other expense" its in the P and L and doesn`t carry forward. I still have the original asset cost in the books? What have I done wrong?

Hello there, @roy22. Let me share some insights about asset accounts in QuickBooks Online. It does not automatically depreciate fixed assets.

Crediting the asset account decreases the value while debiting the expense account increases it. When you record depreciation as an expense, it will affect your net income.

You can also get expert assistance from an account if you believe the results are unusual. Asset depreciation is complicated to calculate, and they'll be able to check this for you. We've included an article on depreciating assets here

For additional reference, you can use the following article to know more about the asset account type: Set up an asset account in QuickBooks Online.

Let me know if you need anything else about the depreciation. The Community and I will be here to help you.