Quickbooks 2019 Tutorial for Beginners - How to Record Depreciation Expense

QBUniversity.org - In this Quickbooks 2019 tutorial for beginners I walk through how to record depreciation expense.
Depreciation expense is often recorded at year-end by an accountant or tax CPA. The problem with this is that it creates a large expense in December, which distorts your financial statements. This video walks through how to easily calculate it so you can record it throughout the year using Memorized Transactions.
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[@arbeeherrera7141]

Thank you so much!! This is exactly what I was needing help with! I appreciate it!

[@GeoffWells]

Excellent tutorial! Thanks!

[@georgebustos2059]

Thanks for the video. How does the accumulated depreciation in the fixed asset list get incremented per asset?

[@alisonmaloof3966]

Than you for the video! New business owner, very helpful. If I am trying to depreciate an item for example a laptop purchased for $894.80 on 9/27/2020, would you recommend to create my first JE for one month of depreciation on 10/27/2020 or 10/31/2020? Or for example furniture purchased 9/21/2020. Thank you!

[@stanleydueck4904]

Thanks for the video! Can I add fixed assets that are paid for long ago? I need to add some fixed assets for depreciation purposes, can it be done without touching bank accounts?

[@pettycashweb]

Is it done? Or should i click ‘save’ after every month ?

[@brittanychan7438]

Thank you for this! Is there a way to record depreciation if assets are lumped together? I bookkeep for a rental company and they have ATV’s, UTV’s, Seadoo’s, and Sled’s. But they are in those groups instead of each separate machine being an asset. I am doing a recovery so I need to enter depreciation for the last 4 years and cannot change how the accounts are arranged. Thank you for your help 😊

[@JOSEGONZALEZ-wx9fb]

Excellent tutorial. I have a question though. Lets say I have two desks and and some office chairs, should I calculate de depreciation for each of those assets individually and make a journal entry for each depreciation expense or should I calculate de depreciation for all of them together and make only one journal entry, assuming that all of these assets will depreciate in 7 years.

[@JohnnyMcCore]

Thanks for the video! What happens it you need to sell the asset?

[@timothykimball8774]

How would you record the original payment for the asset? So say you buy the desk with you debit card and you’re categorizing your expenses on your bank feed, what would you do with that $3500 charge if you will be writing it off per month with the fixed asset?

[@insertname8511]

This is only straight line. Can I have Quickbooks calculate automatically the monthly depriciation expense if i'm using double declining balance or sum of the years digits?

[@abreeasbury7635]

How do I fix the chart of accounts "fixed assests" if it's a large negative number? We have a vehicle totalled years ago and it has always been negative since then

[@tshiamokoma]

beautiful.. as i subscribe..

[@rameez328]

lets say you sold the asset by 36 months . how do you stop the automatic transaction.

[@potomacvalleyorganics8115]

Subscribed. Ancillary question about the Fixed Asset Item List. Even though I assign the "Asset Account" to the one I created in the chart of accounts, does that actually do anything? For me it doesn't seem to.

[@gamesforusinc]

I have a couple of questions about the Fixed asset. You mentioned not to put the items as a Fixed Asset and treat it like an expense if it is under $2500 (Law per invoice.) So then there is no point in setting up the Depreciation Expense in QB? I looked at our total value of Furniture and Equipment as it is over $20,000 in expenses over the coarse of a few years.

[@waynel8645]

I fly drones Professionally how would I depreciate the drone in one year?

[@stanleydueck4904]

Why does my book value and accumulated depreciation not show in the fixed assets item list? Although the depreciation shows in my reports! I did everything as shown in this video...

[@marywilliams3672]

When you do your memorized transaction, how does this reduce the book value of the asset you are depreciating

[@fofosport85]

Thx for the video but depreciation rate depend on the business and other factors