How/Where to input a equipment purchase for our small business?
Hello there!
I am new to this Quickbooks thing as our plumbing business is only 7 months old. We purchased a trailer to be able to pull a machine with from the business checking account and paid for it in full at time of purchase. My question is how to categorize that bank transaction in my Quickbooks online? thanks
How/Where to input a equipment purchase for our small business?
The trailer is a Fixed Asset and the expense will be taken as Depreciation Expense over the IRS determined life of the asset. It may or may not be able to taken as an upfront in full deduction. That is a job for your tax accountant
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