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How to account for fixed assets and depreciation in QuickBooks
Michael AustinBlue Dot Consulting Limited
Posted: Mon 21st Oct 2024
If you don't recognise the cost of depreciation in your accounts every month, then you'll think you're doing better than you are.
Some accountants leave depreciation as a 'year-end adjustment' and others might recommend apps and spreadsheets, but a sensible accountant or bookkeeper will do the bookkeeping when the asset is acquired and set the depreciation running each month with a recurring transaction that the software takes care of.
This is how it's done in QuickBooks, although the thought process works just as well in other software.
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Michael AustinBlue Dot Consulting Limited
I work with the MDs of SME businesses and help them improve profitability and cashflow through common sense financial management.
I focus on the following areas:
profit improvement
cashflow
good bookkeeping
understandable financial information
embracing useful technology
Get these right and you have a good foundation to grow profitably in the future.
I'm the founder and MD of Blue Dot Consulting Limited, a chartered accountancy practice in South West London which I set up around the turn of the century.
I've never hired colleagues who have only worked in accountancy firms, preferring the real-world experience of finance profesionals who have worked in real businesses - perhaps like yours.
Much of what I've seen and learned over the years is reflected in my blog. You won't find much that's typical accountanty stuff on there - but you might find one or two things that are helpful.
