Set up your QuickBooks Account for Depreciation

1. Set up yourQuickBooks Account for Depreciation With QuickBooks, you can plan and track financial ledger in due course. Configuring depreciation settings is an integral process for your business. By setting up depreciation value, users can accurately calculate the worth of the assets for suitable financial statements. These values are configured either as scaled or fixed. Set Up QuickBooks account for depreciation 1.Click on the Start button on the Windows and enter "QuickBooks" in the Search box. Now select QuickBooks from the result list. 2.Click on View then select Items 3.Type in any identifiable part of information of the item that you want to set depreciation it can be a type of asset or a part of its name. Then search for it. 4.Right-click on the desired item to set up the value. Next, click on Set Depreciation Value option. 5.Now, click on the Fixed option and type in the sum amount of the depreciation, if not you can also click on Scaling and enter the percentage value.

2. 6.Once completed, to save the changes made click on OK button How to Depreciate Items in QuickBooks? Although depreciation doesn’t make much use of cash, still you may desire to reflect on how rapidly you are making use of the asset in QuickBooks itself. You can enter depreciation manually for any asset that the business use using your QuickBooks. The asset is depreciated through the Chart of Accounts of the company. As these assets will depreciate manually, you may also need to return to the asset in Chart of Accounts in order to update depreciation amount each year. Follow the steps to Depreciate Items in QuickBooks. 1.First, double-click on QuickBooks icon placed on the desktop 2.Type in the user-name, password then click on OK 3.Click on Lists menu situated on the top screen just above QuickBooks Navigator. Now, select the Chart of Accounts which is situated in the Lists Menu. 4.Double-click the sub-account which tracks the whole depreciation to find the particular asset to be depreciated. The most common QuickBooks sub- accounts used for entering depreciation assets are Computers, Tools & Equipment, Trucks, Furniture, Land, and Buildings. For example, if you run a construction company and desire to depreciate a new power drill, then you can do it under the sub-account “Tools and Equipment.” 5.Create a transaction at by typing in the depreciation sum as decrease. 6.Select Account field then type in the expense account. Now, click on Save button once you finish.

3. To know more, Dial +1(800) 993 4190 to contact QuickBooks Certified Troubleshoot Team. You can also reach us via Live Chat Support or simply mail us at Customer@99accounting.com