Monthly Depreciation

If your monthly depreciation for Motor Vehicle is $1,666.67, you can pass a journal to debit Depreciation Expense $1,666.67 and credit Dep Acc – Motor Vehicle account (Accumulated Depreciation account for Motor Vehicle).

If the cost of the motor vehicle account is $100,000.00, the Balance Sheet will be presented as:

Motor Vehicle

Cost – Motor Vehicle: $100,000.00

Dep Acc – Motor Vehicle: -$1,666.67

Total Motor Vehicle: $98,333.33 (Net book value)

You can consider saving this journal as a memorised transaction, and make it as either “Remind Me” or “Automatically Enter”. So, monthly it will be automatically prompt you to enter the transaction when due or automatically enter it if you had set it as “Automatically Enter”.