Hi I’ve entered an import duty cost of over £3000 and put it under category ‘Import Duty’. I just wondered why doesn’t this cost show up in a profit & loss report as this is an allowable expense. Also is there a way for the capital expenditure to show up on the profit and loss report (ie 18% in first year) - is there anywhere that shows a list of capital allowances that we can put towards expenses.
I’ve just tested this and 5101 Import Duty shows up under “Cost of Goods”. If this doesn’t appear for you and you do have transactions assigned to that nominal, please double check the date range you’re viewing.
With capital expenditure, you would normally record this as a purchase as per normal and this would record it as an asset on the balance sheet. You can then record depreciation which would move it to the P&L for you. There’s a few posts on the forum relating to this, but you may just want to run it past your own accountant just to be sure: