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I run an Electrical business. We purchase various consumables (e.g. masking tape, screws...etc). When entering an invoice from our supplier, for items like these, where do I allocate them to? I un...
Hi RoyalAshTree
Thanks for your post. The account that you would allocate these items to is personal/accountants preference and depends on how much information you want at a glance in your financial reports. For example, you could have one account for all consumables or you could group them into different accounts. When it comes to naming the account, go with whatever is easiest for you and your accountant to understand exactly what that account is for.
If you're not sure about setting up your accounts list, I do recommend checking with your accountant.
Please let me know if you need further help.
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