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Setting up Accounts to Track Depreciation

Setting up an Accounts to Track Depreciation.

Solution Description

If your accountant uses the QuickBooks Fixed Asset Manager and you track your fixed assets with fixed asset items, check with your accountant for more information about how to set up fixed asset accounts.

  1. Create a fixed asset account for each asset (or group of assets) you want to depreciate. For example, you might create a fixed asset account called "Vehicles," or "Computers."

  2. Add two subaccounts to each asset account you created. One subaccount tracks the cost of the asset, the other tracks accumulated depreciation.

  3. Finally, create an expense account to track depreciation expense. Give the account a name like "Depreciation Expense."

For Help with Setting up the Accounts and entering Transactions:

KB ID# HOW13354
12/1/2015 12:06:13 PM
PPRDQSSWS401 9132 Pro 2016 e53f15