Yes, you can definitely do it, Pray.
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've purchased. Please check them out below:
- 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)
To learn about Schedule C categories and how to categorize transactions in QuickBooks, you can visit this guide: Schedule C and expense categories.
When you're ready, you can now categorize those transactions to put them to the correct line of your Schedule C. I'll show you how:
- Select Transactions from the sidebar menu.
- Locate the transaction on the list, then tick its associated checkbox.
- Choose the Mark as business icon.
- Select the appropriate asset category from the Category column.
When you're done, click Save.
I also recommend reading this article to help optimize the categorization process in QuickBooks Self-Employed: Create rules to speed up reviews.
Feel free to reach out to me again with any QuickBooks-related questions you may have. I'll always have your back.
