16 Nov Accumulated Depreciation
At no time should the amount recorded as depreciation exceed the original cost of the asset. Occasionally this can happen on QuickBooks when a memorized entry is made to record the depreciation regularly. Usually the error is that the memorized transaction was not set up to stop recording at the appropriate time, or assets have been sold or disposed of and the amount of the entry was not revised.
TIP: There is not an account type for Accumulated Depreciation; the account should be set up as a fixed asset type with a negative balance.
TIP: To record depreciation regularly (i.e. monthly or quarterly) consider using the memorized transaction feature in QuickBooks.