ThomasM125
Employee Tax Expert

Business & farm

When you add the asset for depreciation, it should appear on your balance sheet, Schedule L under the row for Buildings and other depreciable assets

On the next row, the current year depreciation on the asset will appear as a component of accumulated depreciation. 

 

It is possible that your depreciation on your financial statement that got transferred or enter into TurboTax is different from what is on the balance sheet in TurboTax.  In other words, the depreciation calculated in TurboTax may be different from your financial statement depreciation and that can throw off your balance sheet in QuickBooks. You may need to compare your book accumulated depreciation to the corresponding amount on schedule L in TurboTax to find why your balance sheet doesn't balance.

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