cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Have questions about what to do to prepare for tax time? Our year-end hub will walk you through the process.
Created with Sketch. Find out how to upgrade your subscription, manage your password, view account fees, request a refund, and much more on our account management page.
warren807
Level 1

I'm building a new store location, which heading should I put all the tools, materials, and building supplies under?

Might sound like a dumb question. But I'm newer at this accounting stuff.  For example I have a receipt from Lowe's.  It has paint, light fixtures, light switch covers, tools, and a broom on it.  Would I just put this under office expenses? Or tools?

I just have a lot of receipts and it seems like I could split them all, but that would take forever. 

Any insight would be greatly appreciated. Thank you.


2 Comments 2
AddieC
QuickBooks Team

I'm building a new store location, which heading should I put all the tools, materials, and building supplies under?

Hi there, 

 

Every question is always worth asking! I'm glad you've reached out in the community for help.

 

Categorizing your expenses is completely up to you. Based on what you've described, it sounds like "office expenses" or "tools" would both work, however this is something you'd have to run by your accountant. 

 

QuickBooks Online ProAdvisors are certified accounting professionals, who are also trained in the QuickBooks software. I'd highly recommend connecting with one of them if you're new to QuickBooks Online and also to accounting. You can search for one in your area here: https://quickbooks.intuit.com/ca/find-an-accountant/

 

For additional information about how to categorize your transactions, take a look at this article: Assign, categorize, edit, and add your downloaded banking transactions

 

Let me know if you have any other questions. 


Have a great day!

margarett
Level 1

I'm building a new store location, which heading should I put all the tools, materials, and building supplies under?

I have the same case as you are. was your question answered? how did you account the raw materials for your new store?

Need to get in touch?

Contact us