Accounts List

[RoyalAshTree]

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 understand they are an expense, but I'm just wandering if I should create a new code and label it "consumables" or if there is another prefered way of allocating these type of items in MYOB?

[Tracey_H · Accepted solution]

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.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information. 

[RoyalAshTree]

Thank you. That is what I was thinking but just wanted to confirm.