QB Issue Resolution:

in the chart of accounts you create the fixed asset account, and you also create a sub fixed asset account called accumulated depreciation for that asset.

 

I do it this way, but it is up to you

Fixed Assets

>> car

>> >> car cost
>> >> accumulated depreciation- car

>> truck

>> >> truck cost

etc

 

QB does not make depreciation entries, you have to first calculate the depreciation amount and then do a journal entry

debit depreciation expense

credit accumulated depreciation – [asset]

Resolution for Issue 'Is there a way to select “track depreciation” of fixed assets you’ve already entered into QB? When I go to edit those accounts, I don’t see the option to do it. Thanks.' available: Yes (Solved).
Source: Intuit Community forum.

Is there a way to select “track depreciation” of fixed assets you’ve already entered into QB? When I go to edit those accounts, I don’t see the option to do it. 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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