Extended Warranty on a purchased product, how to add?
Cloud
Member Posts: 2
Hello!
I got an extended warranty for the year 2021 and 2022 (device comes with 1 year warranty 2020)
I added it as expense when I bought it. But it's my understanding that it's deferred expense. How do I configure this?
The extended warranty was a different item in the invoice, with specific price.
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Comments
Hey @Cloud , I would reach out to an accountant or CPA on how to best deal with this. I'll be honest, I'm not sure how to handle accounting around a warranty for the future and I wouldn't want to advise something that would have an impact on your books.