I bought an Apple iPad for my business. I am an artist and I use it to make my drawings on it. I’m a little confused about the categories…
I understand that the iPad is in the Office Equipment [Assets] category.
Which category is for the following iPad-related products:
It is Stationery?.. or something else?
If I can get some pointers for people with more experience that would be very helpful. Thank you!
I set up an new Expense account called “Expensed Equipment” for this sort of purchase.
I have an overhead expense for “Office equipment” that doesn’t warrant being an asset
It’s really up to you - you can set up a new code for “small office equipment” or you can put it with general expenses/sundry expenses/office supplies that type of thing. To be honest, it doesn’t really matter ,as long as it’s an overheads code, not a cost of sales or direct expenses code.
Thank you very much for your suggestions.
I’d rather not create a new one, there is already a category in Quickfile called: “Miscellaneous purchases”.
I hope that works well for the above expenses…
It needs to be a code in the 7xxx or 8xxx range to be “overheads”, I suspect misc purchases will be 5xxx (cost of sales).
This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.