Expenses Catagorized

MikiHutch2023 · ‎August 24, 2023

What catagory would things like light bulbs, outside lights small tools be catagorized as? This is for a small restuarant / Brewery. I currently have supplies catagory but it is inside COGS, should I form a different supplies as other expense?

Alex M · ‎August 24, 2023

Hi there MikiHutch2023,

It's important that all my transactions are entered correctly so that your books can be well balanced. QuickBooks Online is a great tool to help you keep track of sales and expenses so you can see the profit of your business. I can point you in the right direction fro assistance with categorizing your transactions.

To know which of your existing categories to use, or if you should be creating a new account for these expenses, I recommend speaking to your accountant. Their expertise will be able to tell you which account to use, and if they should be in separate accounts or can be grouped together. You can invite your accountant to your QuickBooks account by going to the My Accountant tab. You can also find an accounting professional near you who has experience using QuickBooks by clicking on the Find a pro to help option to help you in this section.

If you have any other questions, feel free to reach out here.

Matt_BN · ‎March 19, 2024

Not an accountant, but I deal with Brewery Accounting alot.

Feels like these things should be categorized as operating expenses rather than COGS? I know most of our brewery customers only have things like grain / hops etc as cogs. Also I think small tools can also be it's own categories since the accumulated value might be big enough and make for CCA deductions? ( that one I think you'd need to consult a CPA.

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