Are some purchasing categories automatically logged as Capex Fixed Assets for depreciation purposes? Which ones? I have been logging hand tools as “Plant and Machinery” but tools are consumables. Have I screwed up (there is no other category for tools).
The nominal codes beginning “00” are reserved for fixed assets. If you need a code for small tools which you are planning to expense, then you can add a new nominal code in the relevant section - Purchases (i.e. cost of sales) are in the 5000-5999 range, Direct Costs are 6000-6999 and Overheads are 7000-7999. Just go to your Chart of Accounts, click Create New Account and fill in the details.
If you need to move several entries at once, you may want to take a look at the Bulk Re-code Tool: Bulk change incorrect postings
This topic was automatically closed after 14 days. New replies are no longer allowed.