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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.
