what do i tag tools i buy under?
Do you work in the construction industry (i.e. are these tools an integral part of your day-to-day job) or are these just odd-job tools?
not construction industry but IT but these tools are integral part of my job without them i can open pc, i can’t build them or wire up networks
The question is whether to expense them or log as assets. The rules on this can vary so I would run this by your accountant.
If you log as an asset then you can use the category “Office Equipment”, otherwise for expensing tools use “Repairs and Renewals” or create a new nominal.
There’s discussion here that may help:
http://www.book-keepers.org.uk/t48298042/small-tools-assets-or-expenses/
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