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open-ears-hotmai
November 12, 2021
Question

I run an ear wax removal service and im using quickbooks for the first time. I dont know what category to put the cost of buying the equipment I am using. Any help??

  • November 12, 2021
  • 1 reply
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1 reply

K
Kevin_C
November 12, 2021

Thanks for reaching out the Community, @open-ears-hotmai. I'm here to share some insights about categorising equipment in QuickBooks Self-Employed (QBSE).

 

Equipment can be recorded as fixed assets, for these are the items that you can't immediately count as an expense when purchased. You could use Supplies (items you buy and sell) or Other tools and equipment category (tangible items) when adding them in QuickBooks Self-Employed.

 

However, I would refer you to confirm this with an accountant. They have more knowledge about Self-Employment accounting and help you which category to use.

 

The Chart of Accounts is unavailable in QBSE. Which means adding categories or assets is unavailable as well. If you need to categorise these purchases as business assets, get help with a tax advisor.

 

Here are some links to help you further with this:

 

 

I'll be around if you have other questions or concerns. Please don't hesitate to let me know in the comment section. Take care and have a great day!

O
open-ears-hotmaiAuthor
November 13, 2021

Thank you,

 

So I have single use equipment (ear probes etc) that is used and disgaurded on each cclient and then I have more fixed equipment like a card reader (Sum Up) and laptop.  Are they categorised differently?

T
TirzahC
November 13, 2021

Hi there, open-ears-hotmai.

 

The SA103F categories that was tagged as allowable are expenses that can be deducted from your taxable profit. However, disallowable expenses are transactions that can't be deducted from your business income. For more details, you can check out this helpful article: About SA103F Categories 

 

For purchases of tools or asset equipment, you could use Supplies (items you buy and sell) or Other tools and equipment category (tangible items) when adding them in QuickBooks Self-Employed. However, I would refer you to confirm this with an accountant. They have more knowledge about Self-Employment accounting and help you which category to use.

 

To give you more overview about QuickBooks Self-Employed, you might consider reading these article: 

If there's anything I can help you with, feel free to drop me a reply below. Hope you have a good one.

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