Fixed assets, accumulated depreciation to Fixed Assets, depreciation

Hello,
I need a bit of help and I read similar topics but I can’t find the exact entries or solution. I found a closed topic but how it was resolved wasn’t stated.

My issue is this: I have manually added the Depreciation for year-end 2023 so I have it showing in Fixed Assets, accumulated depreciation in my Balance Sheet but its (the figure) not showing in my Fixed assets, depreciation on P&L.

Kindly help

Post a screen shot of the Edit screen for the fixed asset. That is where you choose the depreciation expense account.

Because what you input is Starting Balance. Accumulation is not recorded in P/L.

Use Depreciation Entries to record accumulated depreciation.
Accumulated depreciation will appear on the balance sheet and depreciation expense will appear in the P/L.

Exactly what do you mean by this? @Mabaega assumes you entered annual depreciation as a starting balance in accumulated depreciation. If that is what you did, it was wrong. Starting balances are only used when migrating from prior accounting systems. Such entries do not show on the profit and loss statement because they were entered in prior periods.

@Mabaega is correct that current year depreciation must be entered in the Depreciation Entries tab.

Thanks @Mabaega @Tut
I have got it now, made the corrections. Thanks again

3 posts were split to a new topic: Zero-cost inventory purchases