what type of account is accumulated depreciation in quickbooks

Learn about accumulated depreciation in QuickBooks and its classification as a contra asset account. Understand how QuickBooks tracks depreciation for fixed assets and how it impacts your financial statements. This important accounting concept allows businesses to offset the value of their assets over time, ensuring accurate financial reporting and tax compliance. Whether you're managing a small business or handling enterprise-level accounting, knowing how to use accumulated depreciation accounts in QuickBooks is crucial for maintaining your books and managing asset values effectively