Visit the community, click https://goo.gl/GJMe3c
(Giveaways, Updates & Tips) at: http://financialgymforbusiness.com

What is depreciation and how to account for depreciation in QuickBooks Online (QBO).

Depreciation is the difference between the purchase price of a fixed or tangible asset and the value of that asset up to a specific date in its life cycle in a business. For this reason it is also known as Accumulated Depreciation. The asset is shown on the balance sheet until it is sold or is deemed to have reached the end of it's life cyle. In this video you will see an example of an asset being "disposed" of and how you show the transactions in QuickBooks Online. Your accountant would advise on the actual monetary values