Solved
Is there a way to select "track depreciation" of fixed assets you've already entered into QB? When I go to edit those accounts, I don't see the option to do it. Thanks.
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in the chart of accounts you create the fixed asset account, and you also create a sub fixed asset account called accumulated depreciation for that asset.
I do it this way, but it is up to you
Fixed Assets
>> car
>> >> car cost
>> >> accumulated depreciation- car
>> truck
>> >> truck cost
etc
QB does not make depreciation entries, you have to first calculate the depreciation amount and then do a journal entry
debit depreciation expense
credit accumulated depreciation - [asset]
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