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AdministratorAG's avatar
AdministratorAG
5 years ago
Solved

Chart of Accounts

Can I have advice on which Chart of Accounts a purchase of " supply & install of workshop storage cupboards" costing over $10,000 should be assigned too. Thanks in advance

  • sues0204's avatar
    sues0204
    5 years ago

    Hi, you should check with your accountant for confirmation, but I would think that this should be classified as a capital purchase and recorded as an asset (like Fixtures and Fittings or similar).  Your accountant should then adjust for depreciation or instant asset write off as appropriate at year end.

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  • sues0204's avatar
    sues0204
    Trusted Cover User
    5 years ago

    Hi, you should check with your accountant for confirmation, but I would think that this should be classified as a capital purchase and recorded as an asset (like Fixtures and Fittings or similar).  Your accountant should then adjust for depreciation or instant asset write off as appropriate at year end.

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