I am new to quickbooks; I could not find step by step guidance in the text I am using. My question is: how do I set up the "Aculated Depreciation"accounts in quickbooks?I would appreciate your help. Many thanks.
Accumulated Depreciation is a Fixed Asset account. It is used to summarize all of the depreciation that you have expensed in your business. The account will show a negative balance as it decreases the book value or cost of the assets that you purchased. The common entry used for this account is a debit (increase) to depreciation expense with a credit (decrease) to accumulated depreciation.
Not interested in the journal entries as previously answered. Looking for the subaccount setup process. To bad the help center is so vague unless you by fixed asset manager - WHICH us little guys don't need. Always upselling Intuit....bad form
Here's what worked for me:
1. Searched QB Help - depreciation
2. Found out needed to add two subaccounts under fixed asset.
3. End of day you will have setup three new fixed assets accounts.
Search the QB Help. Answers are there, not as clear as they could be but they are there.
