Did you just get your depreciation schedule from your tax professional?

Are you ready to enter your deprecation into QuickBooks?

In this video, I will share what depreciation is, and how to enter it into QuickBooks both for Desktop & Online users.

Timestamps:

0:00 – Intro
0:37 – Take notes
0:44 – What is Depreciation
1:14 – Assets
1:48 – Rules (Depreciation)
2:14 – GAAP
2:26 – IRS Website
2:39 – Three main inputs are required to calculate depreciation
3:01 – Three methods for depreciation
3:15 – Straight-Line Method
4:07 – What vehicles qualify for the full section 179 deduction?
4:21 – What is Accumulated Depreciation?
4:51 – Capitalized Asset/Depreciation/Accumulated Depreciation
5:13 – Start with adding your Assets
5:25 – Add Accounts to enter Depreciation in QuickBoooks
6:04 – Setup Depreciation Accounts (Desktop)
7:58 – Sample COA (Online)
11:32 – Journal Entry (Desktop)
12:47 – Checking Reports (Desktop)
14:39 – Setup Depreciation Accounts (Online)
17:24 – Journal Entry (Online)
19:07 – Checking Reports (Online)
21:10 – Final Thoughts

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I’d love to hear if this inspired an “aha moment” and if you are ready to start entering in your depreciation.