I set up fixed assets this way

Name of asset (this is the account you use when you buy it)
>> accumulated depreciation – name

and you also need an expense account called depreciation expense.

After you calculate the depreciation amount, the entry to record annual depreciation is a journal entry
debit depreciation expense
credit accumulated […]

Resolution for 'CRA tax issue: 'How do I know if an item needs to be Accumulated Depreciation (Fixed Asset) or Depreciation Expense (Expense)?' available: Yes.

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