Hi, setting up for the first time and categorising purchases, I don't see a category for large asset purchase (e.g. vehicle or tools) and I don't think I can create a category? Any advice please?

Glad to have you here in the QuickBooks Community, @Anonymous.

When you purchase items with more than $2,500, you'll have to claim it as an asset. You can use different categories for assets depending on the item you purchase. 

Here are the following categories for assets you can use:

• Apps/software/web services (more than $200)
• Computers (more than $200)
• Copiers (more than $200)
• Furniture (more than $200)
• Other tools and equipment (more than $200)
• Phones (more than $200)
• Photo and video equipment (more than $200)

For example, when you purchase a vehicle or tools, you can categorize them as Other tools and equipment (more than $200). However, I still recommend seeking help with your accountant for more guidance.

I'm adding this article to learn about schedule C categories and how to categorize transactions in QuickBooks Self-Employed: Schedule C and expense categories.

Also, since you're new to QuickBooks Self-Employed (QBSE), you can check out this article to know the basics of the software: QuickBooks Self-Employed Overview.

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

Thanks for following on this thread, @Anonymous.

Allow me to chime in and provide clarifications about assigning categories.

The resolution shared by my colleague is for QBSE US. For the UK version, the category types are based on what’s mandated by the HMRC.

In regard to your asset, QuickBooks Self-Employed doesn't track assets and depreciation. I suggest checking with an accountant or tax adviser fo help in claiming the allowable allowances. They can recommend the specific deduction to assign the asset, tools, and equipment. You can visit this page to find an account near your area: Accountants Near Me | Chartered Accountants.

Here’s an article that provides a list of supported categories as well information on which box the transaction is reported in the tax return: About SA103F Categories.

The information I share will point you in the right direction classifying your transactions.

Stay in touch if you have need some help when working in QBSE. I’ll be right here to help and make sure you’re taken care of. Have a great rest of the week.

"Hi, setting up for the first time and categorising purchases, I don't see a category for large asset purchase (e.g. vehicle or tools) and I don't think I can create a category? Any advice please?

QuickBooks Self-Employed:

@Anonymous 

If you've "QuickBooks Self-Employed" product, it does not track the Tangible Assets, it's mainly for categorizing expenses.

If you've QuickBooks Online UK version, it should be under the "Tangible Assets" Account Type.

(See screenshot below for reference).