Does depreciation reduce fixed assets?

Question

I use Dome books for bookkeeping in my small (one-person) consulting firm. We purchased equipment (computer and transcription software)and take a depreciation expense each month (1/60th of the value). Should I reduce the value of the corporation's fixed assets (Dome Book # 56) by this amount each month too?

Answer 1

I've found a guide on the web that provides all the necessary information related to Dome Simplified Bookkeeping and assets.

It's a how to guide where you can check various instructions for what you've asked above.

Download the file from the following address to read more: https://www.msuextension.org/forestry/Resources/pdf/ec1187.pdf