Skip to main content
M
marvelglassllc
February 23, 2019
Solved

Business expenses

  • February 23, 2019
  • 1 reply
  • 0 views

I bought a box of neoprene gloves that I will use throughout many jobs over the next month or two. I also bought an inexpensive tool belt that will depreciate over time. Can someone please tell me which expense account I should put these items under when entering and paying the bill? 

Best answer by Rustler
@marvelglassllc wrote:

I bought a box of neoprene gloves that I will use throughout many jobs over the next month or two. I also bought an inexpensive tool belt that will depreciate over time. Can someone please tell me which expense account I should put these items under when entering and paying the bill? 

 

use shop supplies exoense for the gloves, and tools expense for the belt.

It is an expense and will not be subject to depreciation, depreciation is for high cost things that have a long life, like a floor drill press, lathe, etc

1 reply

Rustler
RustlerAnswer
February 23, 2019
@marvelglassllc wrote:

I bought a box of neoprene gloves that I will use throughout many jobs over the next month or two. I also bought an inexpensive tool belt that will depreciate over time. Can someone please tell me which expense account I should put these items under when entering and paying the bill? 

 

use shop supplies exoense for the gloves, and tools expense for the belt.

It is an expense and will not be subject to depreciation, depreciation is for high cost things that have a long life, like a floor drill press, lathe, etc

    qbteachmt
    qbteachmt
    February 23, 2019

    If you Already Paid, you don't need to Enter a Bill to be paid later. You already Bought and paid for this stuff.

     

    You use Banking menu > Enter Credit Card Charge, if you put it on a credit card, already.

     

    You use Banking menu > Write Check, if you paid by check or debit card.

      M
      marvelglassllcAuthor
      February 23, 2019

      thank you for your response. So I may be doing something wrong then when I purchase random items or tools etc. If I pick something up at the hardware store I have been entering it as a bill with the hardware store as the vendor and then paying that bill. Are you saying there is a quicker or more appropriate way to be doing this? I do the same with gas etc. 

      Terms & ConditionsAccessibility statement