How to Set Up Depreciation in QuickBooks?

Depreciation QuickBooks

Millions of users across the world rely on the features of the QuickBooks software and there are different types of features and functions which you can enjoy on this software. If you are new to the QuickBooks software then you can always seek solution to any technicalities of the software from the QuickBooks experts. The depreciation schedule is one of the major features of QuickBooks which you can rely on and you can use the software for setting up the depreciation for the account that you have. QuickBooks do not automatically depreciate the fixed assets that you have and it is a manual process that has to be done following the respective steps. The technique for doing so is provided here and you can easily perform the task with the help of the QuickBooks software.

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The steps to Depreciate any Asset in QuickBooks

The users of the QuickBooks software can manually follow these instructions and then perform the depreciation accordingly. The steps are easy to execute and you can easily get the work done without any trouble at all with the help of the following steps:

  • Go to the gear icon and then choose the option chart of accounts from the tab.
  • After that click on the new option at the top right side of the page.
  • Select the option of other expenses and then click on next
  • After this choose the option of depreciation from the tab and click on next.
  • Once you have done so enter a desired name in the relevant dialogue box such as asset loan depreciation or anything relevant and then finally click on the finish option.

Entering the Transaction in QuickBooks

At the end of the year when you or your accountant is calculating the depreciation amount and entering the transaction the following steps has to be followed:

  • Go to the gear icon again and from there click on the option for journal entry.
  • For the first line of the journal, select the depreciation account and under the option for debit, list the amount for depreciation.
  • On the second line go to the account select option and select your depreciation account for the asset
  • Then under the credit menu list the amount that is for depreciation and finally click on save.

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If the trouble persists then you can quickly sort the trouble with the help of the experts at the QuickBooks customer service phone number for help.