Expense account for Books Purchase

Forum|Forum|5 years ago
January 30, 2021
3 replies
37 views

We are a Multi-Member LLC. We purchased a book worth around $25. I see 2 expense categories in QuickBooks ( Continuing Education and Dues and Subscriptions) but it is neither Continuing Education nor Dues and Subscriptions, its just a book which gives tips to scale our business. I was not sure which expense category would be the best to record this. Could someone provide some suggestions or help? Thanks in Advance!

QuickBooks Desktop

john-pero

Level 12

Publications

None of the categories you suggested, or this one, are prepopulated on a Schedule C and would get added manually in Part V

Multi MillionaireAuthor

Thanks John for the reply. So for Expense account , what would you suggest as a name if I need to create one. Thanks in advance!

IamjuViel

Level 8

Hello, @Multi Millionaire.

Choosing the name of our expense account totally depends on you. You can use the ones that you can easily recognize when tracking your expense transactions. Let me guide you on how you can create an account in QuickBooks.

Go to Lists.
Select Chart of Accounts.
Under Account, tap New.
Choose Expense as the category of your new account.
Enter the name of your account.
Click Save & Close.

You can read through this article to learn more about how you can create a new chart of account: Understand QuickBooks Chart of Accounts

Also, I'd recommend consulting with an accountant so you' be assisted properly in managing your expense categories and transactions:

Let me know in the comment section down below if you have any other concerns. I'm always around happy to lend a helping hand.

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