How do I record an asset depreciation?

To record a depreciation amount for an asset, you can create a recurring journal profile and set them to recur monthly or annually. To do this:

  • Click the Accountant tab on the left sidebar and go to Recurring Journals.
  • Click + New.
  • Enter the Profile Name and other details.
  • 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.

Based on the Recurring Journal Preferences, the child journals that are created will be saved as draft or published. All the child journals will be available as journals under the Manual Journals tab.

Record Depreciation
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