Camera Memory Card

Accounting
1

What code would I allocate to this item, is it a capital asset or general purchase

Thanks if you can help

2

It depends on the value really. To my mind a memory card being around £50 is an IT consumable, so a general purchase.

Capital assets are items you’d usually expect to last several years and be depreciated annually.

3

Thank You for your swift response

4

I’d put it as a consumable as well.

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5

Your accountant would probably be the person to ask for the specifics on this but I have had different accountants say anything below a set amount can generally be regarded as just a general purchase/consumable (anywhere from £100 to £300 or so IME).

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6

General Expense. It cannot be a capital asset.