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Super Contributor ***

expense account

Hello,

 

When entering my withdrawals and other debit card transactions from bank statements to desktop quickbook I come across HomeDepot transaction. 

 

This is what I have set up in DESKTOP QB:

Vendor - HOME DEPOT

 

Expense Account - janitorial 

Expense Account - Repair & Maintenance

 

Wondering which expense account I should enter these transaction in . All of the purchases I made from this vendor are for my business. I purchased items at this store that I need to repair, build ,office use ,supplies. Mainly I bought tools and parts. Please advice which expense account makes more sense to use to track my expense. Or do I need to create another expense account.

 

Thank you.

1 Comment
Established Community Backer ***

Re: expense account

You can use as many or as few accounts that meet your needs. Small tools would fall under Supplies while minor repair material would be Repairs and Maintenance.

 

Remodeling of the office would be categorized as a Fixed Asset and depreciated over time.

 

Review your last year tax return or if your first year look at appropriate schedules for guidance (small business is usually Schedule C)