Summarising depreciated assets

If you have a separate accumulated depreciation account then you might want to create a summary account to group the pooled assets and accumulated depreciation accounts together so that reports show the net position; the depreciated value of the assets.

The Bookkeeping program does not have a depreciation schedule to record your assets that require depreciation. You will need to maintain a depreciation schedule yourself; oftentimes your accountant will do this for you as there are many rules to depreciation assets that vary by business and jurisdiction and these rules change often. Your accountant will have the most up to date knowledge of what the correct depreciation rules are for your assets.