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Accounts affecting depreciation

  • Depreciation entry will be added at the end of every quarter or half or full year.
  • Depreciation is entered into the accounts via journal entry automatically once you had scheduled depreciation using Add New in Depreciation List.
  • Depreciation Expense account will be debited and the credit is entered in the contra asset account Accumulated Depreciation.
  • In the balance sheet the asset value minus accumulated depreciation gives you the net value which is referred to as book value or carrying value of the asset.