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bryanp
Apr 12, 2024 7:42 AM UTC
Question

How to categorize purchasing Vending Machines?

What category do I associate the expenses for buying vending machines when I first started my business? Is it [Startup & Organizational costs] or is it [Tools, Machinery, and Equipment] ? Or is there a more appropriate category?

1 reply

Rainflurry
Rainflurry
Apr 12, 2024 11:54 AM UTC

@bryanp 

 

They are considered a fixed asset and are expensed (depreciated) over time.  I've never used Solopreneur so I'm not sure if there is a fixed asset account in your Chart of Account called 'Equipment', but that's the proper category to use.  Your CPA/tax accountant can give you your options for depreciating the machines.  

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