Generally yes, but that usually is not done for a personal vehicle
unless you are allowed to do so for some type of credit or deduction on
taxes. Businesses routinely depreciate their fleets however. The rules
are varied and myriad as to what you are allowed to do.
Regards,
Adrien
On 2/15/21 4:12 PM, Larry Long wrote:
Stan,
You gave an excellent intro into the fundamentals of accounting (and GnuCash)!I
would like to follow up with a basic question of my own.
Let's say that I have added my new car's value to Assets and my auto loan to
Liabilities.After a year, I log the car's depreciation as a reduction to it's
account in Assets.Where is the account for the offsetting depreciation
amount?Is that an expense?
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