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Buying a used forklift

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We are purchasing a used forklift.

As the value falls well within the annual investment allowance we can record its cost as an expense for tax purposes. My question is, as it's an expense, does that mean it does not go on the balance sheet as an asset (machinery and plant)?

QuickBooks Online

A

Ashleigh1Answer

Hello V Andrews 205, thanks for posting on this post, so if you purchase an asset and you use an expense, using an asset account then it will show on the balance sheet. We are not trained accountants just technical support so you should speak to your accountant or there maybe accountants using the community that'll be able to provided you with the correct advise.

V

V Andrews 205

Hi Cooper King

Did you ever get a response to this? I have exactly the same question!

I initially recorded it as an expense but instead of using an expenses category I put it against the Asset account so that it showed on the balance sheet. I'm starting to wonder if it should just be recorded in the Sundry Expenses category for the Self Assessment and then journal it out to the asset account afterwards.

C

Copper KingAuthor

Hi,

It turns out you just claim the purchase as a tax deductable expense at your EOY accounts. It is normal for it not so show as an expense in QBO

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