Purchase Categories - Carpets/Paint

[rhc]

Hi Nick,
I would say that the replacement of the carpet is an asset (Fixtures and Equipment) as it has a fairly long life expectancy and is also a significant cost to the business. It depends a bit on how much you paid.
You can post it to office furniture or create a new one.

I am sure that others may argue that it could be a repair or renewal as it was a replacement for what was previoulsy there.

The paint I would post to maintenance and your little finishes to repair or maintenance as well.

If those nominal accounts are not in your quickfile account you can easily create these accounts:

Adding a new nominal account

Introduction Adding new nominal accounts is a good way to separate out specific income streams and provide more granular categorisation on your outgoings. Be careful not to go over the top creating new nominal accounts, in most cases you can use one of the existing codes. The current presets are based on accepted accounting standards and it is unlikely in most cases that you will need to elaborate further on these. That said, if you wish to add a new nominal account you are able to do so from …

I am not an accountant and you should always ask one. Your accountant knows your books and there could be little things which influence the choice of the right nominal account.