On a company's balance sheet, the Accumulated Depreciation in Quickbooks account is a contra asset account. A credit balance is represented by this symbol. It appears as a reduction in the reported gross quantity of fixed assets. The total amount of wear on an item up to this point in its useful life is known as accumulated depreciation. As depreciation charges are recorded, the amount of accumulated depreciation for an asset or group of assets will grow over time. When an asset is sold or retired, the cumulative depreciation associated with it is reversed, and all records of the asset are removed from the company's balance sheet.