User Support Forum

I'm using PowerChurch 10.
How do I make a year end entry to show accumulated depreciation for a vehicle and buildings.

In the chart of accounts there is account 1699 - accumulated depreciation of buildings and account 1799 - accumulated depreciation vehicles. The amounts to depreciate for the year are $10047 and $3200 respectively.

My question is what exactly to credit and debit to make the entry balance? What other accounts do I use besides the ones above and how will this affect the balance sheet and/or income and expense statements?

You need to set up an expense account called Depreciation Expense. You may want to set up two depreciation expense accounts if you want to segregate the depreciation for buildings and vehicles. Then, to post the entry debit Depreciation Expense and Credit Accumulated Depreciation.