Auditor said: We replaced a fixed asset that was not fully depreciated. Auditor said old costs and depreciation should be removed/written off. How do I account for this in QB?
“You would credit the asset 1000 , debit current depreciation 250 and debit accumulated depreciation 750.”
I do it differently.
Debit Deprecation 750, Credit Asset 1000, and the offsets are the Gain/Loss on disposal of asset, which will net 250.
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