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How to account for “shop use” items for you business?

Bc_10Bc_10 Member Posts: 4

I am wondering how to properly categorize items which are to be used for the business?
For example, if I was to purchase a stereo to be used for the business only, or a magazine subscription for the business only...

Thank you!

in Using Wave

Comments

  • KimptonKimpton Member Posts: 78 ✭✭

    Just expense it
    Dr Expense
    Cr Bank

    This is different than 'capitalising' an item such as a business vehicle or shop equipment. In this case you would
    Dr Vehicle Asset
    Cr Bank
    and then depreciate some amount every year.

  • KristenVKristenV Member Posts: 121 admin

    Hi @Bc_10

    If you have made purchases for your business, you are able to record those as expense transactions on your Accounting > Transactions page. There you will be able to select a category for the expense and save it.

    If you require a more specific category for your business needs, you are able to add that through Accounting > Chart of Accounts. For more information on that, check out this Help Centre article

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