Can someone point me to some examples of how to handle depreciation in QuickBooks (2009)?
To give an example, I buy a computer for $2000 in 2009. I choose "Equipment" as category. I duly report my assets to my accountant at tax time and she works her magic to make sure the depreciation is credited to me for that year. I think I need to do something in Quickbooks after the fact to take this into account. Otherwise, my Balance Sheet will not be right at the end of the year. My Income Statement (P &L) is correct.
I'd rather be able to take care of this myself. I hired a QuickBooks bookkeeper to help me out one year. She recorded some items as equipment and promised she'd show me how to reconcile the items after tax season. She never did.
Honestly, it seems much simpler to list all equipment as expenses (office supplies, computer extras, etc.) but I'm told this is illegal. It probably has something to do with the differenc between taking the deduction all at once versus over a few year. I'm not actually looking to cheat, just keep things simple:) Any links, tutorials would be much appreciated.