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How do I classify hardware for a bee hive

Farmer_FrankFarmer_Frank Member Posts: 13

I am just converting my hobby of raising honey bees into a business. So I need to know how to classify purchases I have made for bees and the actual hives themselves. From live bees, to the wooden boxes what type of accounts do I put them in? The Wooden ware has a life expectancy of 20 years so would need to depreciate it. Bees, 1 year...

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Comments

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi @Farmer_Frank! Congratulations - it is great when you can turn your hobby into a business! It sounds as though you will want to record your bee hives and other beekeeping tools as assets. Take a look at this Wave guide to see how you would record this: Assets in Wave. Once you have done this, we have another guide that will walk you through the process for recording depreciation here :)

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