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AdministratorAG's avatar
AdministratorAG
User
4 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
    4 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.

sues0204's avatar
sues0204
Trusted Cover User
4 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.