I can’t seem to find a suitable category in Quickfile for electrical services. I have had electrical work done for my business fixing lighting and installing phase 3 power. Not sure what category to use.
In addition, I rent a workshop unit from a lanlord, so I have put this under Rent. Sounds obvious but wanted to insure it shouldn’t be categoriesed as a Lease.
Finally, I seem to put a fair amount of purchases as General Purchases. Some of these items could be drill bits, other smaller tools, items that won’t be sold on. Items that will eventually be sold as part of the main product I have categorised as Stock [Asset}, such as screws, materials, as an example.
I’d record the electrical work as either an asset (fixtures or plant & machinery) if it’s a significant cost that you need to depreciate over several years, or just repairs if it is to go on one year’s P&L - ask your accountant which they think is more appropriate.
Rent sounds right for regular workshop rent payments - leasehold property is more for when you pay a premium to “buy” a property on a long leasehold of 50 years plus.
Finally for purchases I’d say you’ve got things backwards - “General Purchases” is for goods for resale or materials that go into the things you make or that get consumed as part of the services you provide. Essentially anything where you can trace a link between a particular purchase and one or more particular sales (you buy a bunch of plasterboard and use it to build a wall for a customer). You shouldn’t generally use the “stock” category for purchases day to day, that is really only there for use in year end adjustments to record how much of your General Purchases you still have on hand at year end.
Things like drill bits and small tools sound more like a direct expense or overhead to me, they’re things you buy for use throughout your business rather than materials for a specific job. I’m not sure if there are any suitable predefined categories but you can always create new ones in the appropriate section if you need to.
But as always defer to your accountant if they have a better suggestion for any of this.