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How do I categorise receipts for equipment purchased?

daveordiddaveordid Member Posts: 2

Hi,

Forgive me if this is a stupid question that has been asked a million times, but I've just signed up to Wave and I've been adding my receipts but I'm getting stuck on how to categorise some of them.

In particular, because I've just started up as freelance videographer, I've been buying some new bits of equipment and it's not clear what category to put the receipts in.

Does anyone have any advice?

Thanks

in Using Wave

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @daveordid,
    You should create an account under Property. Plant and Equipment for Equipment. While you are there, you should also create Accumulated Depreciation. When you purchase items that have a useful life of more than one year they are typically recorded as an asset and depreciated per the IRS rules.

  • daveordiddaveordid Member Posts: 2

    Thanks! I couldn't see that in the receipts section, but found it in the Accounting Transactions section. I'm in the UK so it's the HMRC rather than the IRS, but I imagine their rules are similar.

    Cheers

    David

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