Hi, I recently purchased a website from an auction and i’m not sure what to code to tag it to. Can you help? Thanks
Accounting treatment of website development costs See if it is of any help
How it’s tagged may depend on how its used.
Will it be revenue generating or is it just a website advertising your services?
It’s revenue generating Paul.
In that case tag it as an asset, work out its useful life, as in how long before you’d need to redesign/revamp and amortilize it over that term claiming tax relief on the portion each year.
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Ok thanks Paul.
I can see Intangible asset in the list. Is it that one?
I’ve redesigned the site already too.
Yep that should be fine. For more help check out a knowledge base guide to intangible assets.
Will do Paul. Thanks again.
Paul, do you have a link to the intangible assets guide you mentioned above? I’ve searched the knowledge base for ‘intangible assets’ and got no results. Thanks
Sorry I assumed there would be an article but looks like there isn’t.
I think you may need to create the asset and depreciation nominals. If you go to the chart of accounts you will see the others like plant and machinery. Create your nominals in the same code range. Then tag the purchase to your newly created asset nominal by selection something else not on this list.
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