Recording capital allowance

Hello, Ana.

To know how to handle investments/expenses or any other type of transaction, it’s best to consult with your accountant or bookkeeper for advice. 

If you're not affiliated with an accountant, you can visit our Intuit Find-A-ProAdvisor site to find certified professionals near you.

In case you need help with other task in QuickBooks Online, you can visit our general help topics page.

Should you have other questions or concerns, please leave a reply below and I'll get back to you as soon as I can. Have a good day!

Hi, 

thank you for your reply. 

Maybe I should have been more explicit: where do you find the capital allowance category on QBO? My question wasn't technical, was about your program. 

And thank you for the suggestion to contact an accountant, I have seen that reply a lot around here. Makes me wonder what's the purpose of QB if any question about the program, QB replies with "Please find an accountant to help you with the program we have developed".

Thanks.

Hello there, @anamenino. I appreciate you for getting back to us and for the clarification.

For the capital allowance category in QuickBooks Online, you'll need to create a new account from the Chart of Accounts (COA). However, this thing is something that your accountant can help with. It's important when doing this process you select the correct information of the account.

After speaking to your accountant, you can follow these steps:

1. Go to Accounting on the left menu.
2. Within the Chart of Accounts tab, click New at the upper-right corner.
3. You can then select the correct type of account, the detail type, and any description as required ( as recommended by your accountant).
4.  Then, enter the name of your account.
5. Click Save and Close.
   

I've gathered two resources where you can get additional details when handling your accounts from the COA:

• Learn about the chart of accounts in QuickBooks.
• Learn how to create subaccounts to keep your chart of accounts organised.

You can always go back here if you have additional questions. Stay safe always.

Ana, 

Did you managed to do this in the end. Looking to do the same and don't really understand the useless response from QB help. 

Thanks

Thanks for joining the thread, @dwd1. I can share with you information about this.

To register the Capital allowance category in QuickBooks Online, you can follow the recommendation @SarahannC posted. You can create a new account from your Chart of Accounts. I'd also suggest consulting a tax advisor to make sure the item is accounted for well because this account may be for an expense, but it will become complicated once you claimed it.

Here's how to add this category:

1. Click the Gear icon on the upper right and then select Chart of accounts.
2. Within the Chart of Accounts tab, click New at the upper-right corner.
3. Choose the correct account type, detail type, and description as required ( as advised by your accountant).
   
4.  Then, enter the name of your account (Capital allowance).
5. Click Save and Close.

In addition to the articles shared by my peers, here are some additional resources about capital allowance:

• Capital allowance
• Claim capital allowances

I'm including also our Community Help page to find more articles about expenses and suppliers, banking, and other QuickBooks Online self-help topics.

You can always ask me here if there's anything that I can help you with recording a transaction in QuickBooks Online. I'm always here to help. Have a great rest of the day!

@dwd1 I am still trying to understand it!

Thanks for your reply @Jovychris_A . 

I understand the process and have found another QB thread where it states:

"Reporting Partnership Income