QB Issue Resolution:

Answer1:

@PVOLLC @JonpriL

 

Re: How does “track depreciation of this asset” work?

 

There is no feature in QBO that will track asset depreciation. There is no Fixed Asset List to track assets or accumulated depreciation of the assets. You will have to manually write Journal Entry to write off depreciation expense. You can set up and make Recurring Transactions, that’s what normally done.

 

So, “Track depreciation of this asset” checkbox you’re seeing while creating a Fixed Assets account, is mainly for creating new accounts for both Fixed Asset and Accumulated Depreciation. And also recording Original cost and Accumulated Depreciation amount of old assets at the same time. That’s all!

 

Create both Fixed Asset account and Accumulated Depreciation account at the same time.

 

Answer 2:

Yes, vpcontroller has a point @PVOLLC.
Setting depreciation in QuickBooks Online is manual, you need to create a Journal entry to depreciate your asset account.

To make this automatically on a daily/monthly or annual basis, you can set the Depreciation Journal entry to recurring so it will be created automatically.
Recurring transactions are a way to quickly create different transactions with the same information that will happen on a regular occurrence.
You can set these transactions to record automatically. You can also create them manually from the recurring template.
Your accountant knows the best methods. We recommend working with them to regularly review how you track depreciation. To make a recurring into a journal entry, please follow these steps below.

  1. Go to the Plus icon.
  2. Select the appropriate asset account under the Account column.
  3. Enter the needed information.
  4. Click Make recurring, then Save template.

You can check this article as your reference on how to Record and depreciate assets.
If you need anything else, feel free to hit the reply button. I’ll be right here to help.

Resolution for Issue 'How does “track depreciation of this asset” work? Despite reading, I’m not sure I understand how this feature works in terms of time. Let’s say I buy an asset that has an original cost of $1,000.00. If I select “track depreciation of this asset” and enter $100.00 in the “value as of” field one year later, am I telling QuickBooks that the asset has a ten-year useful life? Note – I’m just asking about the mechanics of the feature on QuickBooks; not looking for advice on assets and depreciation as a tax or accounting matter. Thanks.' available: Yes (Solved).
Source: Intuit Community forum.

How does “track depreciation of this asset” work? Despite reading, I’m not sure I understand how this feature works in terms of time. Let’s say I buy an asset that has an original cost of $1,000.00. If I select “track depreciation of this asset” and enter $100.00 in the “value as of” field one year later, am I telling QuickBooks that the asset has a ten-year useful life? Note – I’m just asking about the mechanics of the feature on QuickBooks; not looking for advice on assets and depreciation as a tax or accounting matter. Thanks.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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