How do I set up accumulated depreciation account?

Question:

I am trying to set up a new company with beginning balances as of 1/1/2012.  The chart of accounts does not have accumulated depreciation a/c listed and I cannot figure out how to set this a/c up.

Answer:

GO to Lists menu > Chart of Accounts > Account (located at bottom right) > New > Fixed Assets

Accumulated Depreciation

Account Name = Accumulated Depreciation