To track the depreciation of a property, create an asset account to track the property's accumulated depreciation. On your chart of accounts, create a fixed asset account called "Accumulated Depreciation". Also create an expense account to track the depreciation expense, such as "Depreciation Expense".
For more information on creating these accounts, see "Chart of accounts"
To record the depreciation:
- Navigate to Accounting > General Ledger.
- Click Record general journal entry.
- Enter the amount of depreciation as a credit to the accumulated depreciation asset account
- Enter the same amount as a debit to the depreciation expense account
- Click Save.