Appreciation For Depreciation

What is accumulated depreciation? Depreciating fixed assets can be a simple accounting procedure. There are depreciation methods and ways to account for depreciation and the amount that has accumulated during the useful life of the fixed asset. However, to really understand the definition of depreciation and what recording and adjusting for depreciation really means, you must first understand the ideas of fixed assets and asset adjustments for the passage of time. This video is the best explanation of what depreciation really is, and where the idea comes from. You must first learn basic accounting adjustments. This used to mean recording journal entries at the end of the accounting cycle to record the decrease in asset value for the amount of asset used. The current assets like, “prepaid rent”, “prepaid insurance” and “supplies” are easy to understand as adjustments to rent expense, insurance expense and supplies expense respectively. However, when adjusting fixed assets for using their value over time, you need the “contra account” accumulated depreciation. For some, this is the first introduction to a contra account.
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[@dballs69]

Hey met you on the train! Keep up the sick vids !

[@worldwidequickbooks]

Hey man you're the dude on the train with the math teacher lady great to hear from you so soon!
Thanks so much for leaving a comment and only click like if you. Let the video run a little bit but it would be good if you watch them and click like to support the free channel for everyone and please subscribe
Stay in touch man.

[@DianeGarber]

Had a Question concerning where to find this information on depreciation value, but through the tutorial you answered it. Thanks D Garber

[@worldwidequickbooks]

Glad it was helpful!
I hope you will "like" after each video to support the free help for everyone and please subscribe.
-Mark

[@rommyramadhany6606]

hi, could you give us some example of asset depreciation on quickbook online? And is quickbook has asset disposal feature?

[@worldwidequickbooks]

Thank you but this videos depreciation will apply to any software including quick books online or Quick books desktop
It's simply a journal entry and if you need videos on how to make a journal entry in quick books online. Just let me know.
There is no such thing as asset disposal any other quick books are quick books online.
However quick book's desktop has an accountant's tool called the fixed asset manager that helps with depreciation for taxes.
But you would have to be a pro advisor to access the tool.
Mark

[@EscapeTheFlock]

How would I perform bonus depreciation if we’re taking 80% for 2023 - but we’re financing

[@worldwidequickbooks]

It would not matter,he recorded the event says they happened
Mark

[@jameswbuchananjr]

How can we get the useful life? Does it come from the manufacturer?

[@worldwidequickbooks]

Thank you for asking.
There used to be "green books" in the days before the computer where you could "look up" an asset and as it became more popular, you could even find make and model by manufacturer. Now it's all on the web. You can google search "how to appraise fixed assets" and you will get professional appraisal options and information about indices to look them up.
-Mark

[@worldwidequickbooks]

Pinned comment.
This is the clearest and most engaging explanation of depreciation there is. You will finally understand all about accumulated depreciation if you watch this video patiently. It’s best to make sure you watched the prior videos in the intro accounting playlist, so you understand better.
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I hope you will “like” and subscribe.
-Mark