Handling Depreciation

System

This discussion was created from comments split from: Cash and Accrual dilemma.

Dem

Hi Alexia and everyone. How do i add depreciation (non cash expenses) back to income segment of my Cashflow report on the wave accounting app? I have had trouble getting this done. ( I guess the app should have done this automatically, but i can't seem to find it, or am i missing something?). Thanks

Alexia

Hi @Dem.

I moved your comment into its own thread, since it wasn't related to the original issue brought up in that discussion. In the future, please make a new discussion if you can't find an answer to your question.

That has to be done manually, but it's a simple journal entry. here's what you'll have to do:

• First, you'l need to create an asset account to track depreciation. Go to your Chart of Accounts and click "Add Account". Create an account under the "Depreciation and amortization" account type. You can name it so that it refers to the asset that is depreciating for easier tracking.
• On your Transactions page, create a journal transaction by clicking the "More" button on the top right. With that journal transaction, debit the amount of the depreciation to the "Depreciation Expenses" expense account, and credit the account you created earlier.

And that's all! Just repeat step 2 of this manoeuvre whenever you want to record depreciation for an asset.

Dem

Alright!

Thanks @Alexia !

I'll give your recommendation a try to see what works.

Dem

Hi @Alexia !

You know what? You're the besssssssssssssst !!!!!!!!!!

Thanks for your recommendation. It works excellently well. I have been having trouble getting a correct statement due to this. But now its fine!

Thanks again !

Alexia

I'm really happy to hear that, @Dem! You are very welcome!

Reach out if you need anything else, I'm never very far.

Helene79

Hi,
edited my previous comment as I found what I was looking for!
Thanks for a brilliant app!

Alexia

Happy to hear it, @Helene79! Glad to know your enjoying using Wave thus far!