Record a depreciation adjustment
Record a consolidated depreciation journal without changing individual asset schedules.
On this page
Step 1: Review the depreciation record
Confirm whether this is a consolidated adjustment or depreciation for an individual fixed asset. Check the existing period’s entries before adding another amount.
Step 2: Open the adjustment
Open Accounting > Revenue. Expand More accounting tools and choose Opening balances & journals. Choose Depreciation adjustment in Entry type. Set Entry date, Book, Property, Unit if needed, and Description. Use the reviewed depreciation and accumulated-depreciation Chart account, Side and Amount lines.
Step 3: Review and post
Check balanced totals, then select Submit for review. Inspect Saved journal review before Approve & post journal. Read the report-coverage note: when it says none, reports using the transaction ledger do not include this adjustment.
Keep asset schedules separate
The journal form has no fixed-asset selection. A general depreciation adjustment does not update an individual asset’s annual schedule. Use the fixed-asset workflow for asset-level depreciation, and avoid posting the same amount again.
Check the result
- After approval, the consolidated adjustment appears in the journal. If the dialog’s report coverage says none, reports using the transaction ledger do not include it. Individual fixed-asset schedules stay separate.
FAQs
Must the entry use December 31?
Use the reviewed accounting date for your records and the permitted period. This form does not determine the tax date or amount for you.
Will this appear automatically on Schedule E?
No report inclusion is guaranteed by this workflow. Read the dialog’s report-coverage note. If it says none, reports using the transaction ledger do not include the adjustment. Check coverage before relying on a report total.
Does depreciation move money?
No. This is a non-cash accounting adjustment. It does not make a bank transfer.