Forum Discussion

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.

1 Reply

Sort By
Replies have been turned off for this discussion
  • 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.