How do I record an asset depreciation?
To record a depreciation amount for an asset, a journal entry has to be created. To do this:
- Click the Accountant tab from the left sidebar and go to Manual Journals.
- Click + New Journal and choose the Depreciation Account for debits and a corresponding account for credits, i.e, the account under which the asset was recorded.
- Fill in the necessary details and click Save and Publish.
Now, the transactions in this manual journal will reflect in their corresponding accounts.