Important: Determining the amount of depreciation to deduct can be a complex process, and the IRS rules on the subject change often. Ask an accountant for help in figuring actual depreciation amounts.
Your company assets are the things that your company owns.
QuickBooks distinguishes between two types of assets:
In the asset's fixed asset account, QuickBooks subtracts the depreciation amount from the current value of the asset.
In the account that tracks depreciation, QuickBooks enters the depreciation amount as an increase to your company's depreciation expense.