QuickBooks Sales Tax
All You Need To Know About QuickBooks Sales Tax Return
March 5, 2018
Transfer QuickBooks To New Computer
How To Transfer QuickBooks To New Computer?
March 5, 2018
Show all

How to record depreciation in QuickBooks Depreciation Tool?

QuickBooks Depreciation

QuickBooks offers a variety of features in the effective functioning of small-scale businesses. QuickBooks is the best accounting management software with a large number of features like bill management, miles tracking, income and expenses management, invoice and payment tracker, multiple users facilities, Employee Payments Reminders, Time tracker, Inventory Management, Report designer. But with time every business goes through the process of depreciation, even the physical assets goes depreciates in order to remain operational. QuickBooks Depreciation is that part of asset’s cost which is either consumed or transferred from the Balance sheet to Statement of Income in the given accounting year.  All the businesses record this fall in the value of its assets in order to make sensible future investments. It is nearly impossible to keep a track of the depreciation manually of all the equipment one holds; hence one should opt for QuickBooks Depreciation. QuickBooks Depreciation is used to measure the business profits from physical assets to a part of its expense. The depreciation of a commodity depends on three factors i.e. Savage Value, Lifespan of the commodity and its obsolescence. The measurement of these three factors is a cumbersome task, hence QuickBooks offers a quick and hassle-free solution in the form of Decision tool in the Planning and budgeting section of QuickBooks Management tools, the tool is used to measure the depreciation expense. Depreciation journal entry by using QuickBooks is a quick process which is as follows:

  • The first step is to create a depreciation Expense account (in case you don’t have one).
  • The second step is to choose Gear Icon from the list and go to Charts of Account option.
  • The third step is to click on NEW wrote on the top right corner.
  • The fourth step is to select OTHER EXPENSES and click on the NEXT.
  • The fifth step is to select DEPRECIATION and click on NEXT.
  • The last step of this process is to enter the name desired and click on FINISH to end the process.

In order to make this process more automated one by creating a Depreciation accounting entry.

After calculating depreciation expense journal entry, enter the transaction and follow the steps given below:

  • Go to Plus Sign (+) and Choose Journal entry option.
  • In the first line-
  • Account: Select the depreciation Expense amount.
  • Debit: List the amount of depreciation.
  • In the Second line-
    • Account: Select the asset account to be depreciated.
    • Credit: List the amount of depreciation.
  • Click on Save.

 

Dial QuickBooks Support Phone Number +18772499444 To Know All About QuickBooks Depreciation

This article is all about the ways to make effective decisions regarding QuickBooks Depreciation and entering depreciation journal entry. So, hurry, what are you waiting for; here is QuickBooks Tech Support Phone Number +18772499444 and talk to our customer care executives available 24*7.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Now 1-877-249-9444