How do I categorize a transaction for buying a portable building for my business?

Hey there, Steven! Investing in a portable building for your fitness business is a great step toward creating the ideal space for client videos and one-on-one training. It's important to categorize this purchase correctly in QuickBooks for accurate financial records. I can guide you through this process.

When categorizing your portable building transaction, you can decide if it’s an asset or an expense:

• Asset: If a portable building is a significant investment meant for use over a year, you can categorize it as an asset. This allows for depreciation, reflecting its long-term value in financial statements.
• Expense: If the building purchase is smaller or intended as a short-term cost, you can categorize it as an expense. This approach simplifies your accounting but doesn't offer the long-term benefits of depreciation.

For more detailed information on categories, visit this article: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

If you're still uncertain about which account to choose, I recommend seeking advice from your accountant. If you don't have one, you can find an expert here.

Then, you can follow these steps to categorize the entry:

1. Navigate to the Transactions menu.
2. Look for the transaction on the list or click the Add transaction button.
3. Fill in the Date, Type, and Amount fields.
4. Enter a description in the Transaction column.
5. Select a category under Category and Tags.
6. Once you're finished, hit Save.

In case you want to review and download your transactions, check out this article for more guidance: Export transactions and get reports in QuickBooks Self-Employed.

By performing these steps, you'll ensure that your books are organized. If you have any more questions or need further assistance, feel free to add a reply. Your success is my priority. Best of luck with your new gym space, Steven!