How to Set up depreciation schedule in QuickBooks?
Depreciation in QuickBooks is done automatically in the software you don’t have to do anything manual. If you should see your depreciation expense during the year you can check that in the planning and budgeting column. Depreciation is a calculation about how much you are using your asset and it never involves any cash.
Steps to set up Depreciation schedule in QuickBooks?
- Enter the Information about your asset: You must add all the information about the asset. You should imagine the life of the asset and annual salvage value.
- No cash involved: In depreciation of the assets there is no cash involved.
To depreciate an asset following needs to be done:
- You must select Chart of accounts and then look for new tab on the top.
- Then you should select other expense and click next
- Select depreciation and next
- Give it a new name and Finish