Need help with Nominal Accounts for prototype components, materials and R&D

[Posseder]

Hi, I am running a start-up company (an Ltd.) which is currently in the proof of concept stage. I’m new to bookkeeping so I apologise in advance if this comes across as stupid question. Currently, I buy a lot of electronic components and use PCB assembly and fabrication services, as well as 3D printing services to assemble prototypes for functional testing and quality improvement. And I’m confused as to what nominal account category the following should be placed under:

1. Electronic components for prototypes;
2. PCB assembly and manufacturing for prototypes;
3. R&D consultations with professional experts;
4. 3D printing services used for prototypes

I’m a bit confused as these prototype devices are part of the R&D process and are not for sale. However, this R&D process is necessary to reach the market readiness level and start selling and generating revenue. Any advice and support would be greatly appreciated.

Many thanks,
Alberta

[QFSteve]

Hello Posseder

As we are not registered Accountants we can not tell you where to record various figures.

Your Chart of Accounts is split into various sections as show below

You need to decide possible with the help of an accountant which section to include your figures in
You can then either use an existing code or create a new one within the range.

We do have accountants who use this community forum, and they may be able to help