I purchase music (expense) and also would like to record as an asset. What is the correct process to record as an expense so it appears on P&L and is added as an asset?

When money goes out it is either an expense or an asset. If it has long term value and can be resold, it is an asset. If it is an indirect cost of operating a business, it is an expense.

Hello, Musicman2. 

Thank you for reaching out to the Community. I agree with btks, when you purchase something meaning money goes out, you can be classified as either an expense or an asset, depending on the nature of the transaction.

As an expense, If you purchase music for personal enjoyment or entertainment purposes, it is typically considered an expense. This is because the music is consumed or used up while listening to it and does not generate any future economic benefits.

As an asset, if you purchase music to use it for commercial purposes, such as in a business or for creating content, it can be considered an asset. In this case, music represents a valuable resource that can generate future economic benefits. You can record the purchase as an asset on your balance sheet, and the cost of the music can be depreciated or amortized over its useful life. 

However, I advise you to consult an accountant or financial professional for guidance tailored to your situation. There is no need to worry if you don't have an accountant. QuickBooks offers a ProAdvisor service where you can connect with experts within your area. Here's how:  

1. Select this link: Find an accountant.
2. In the Find an Expert section, choose what you're looking for, then use your search field to enter a City or ZIP code.
3. Click Search.
4. Look through the options and select one that suits your needs.

I've also attached an article to help you with the steps on running customized financial reports for your future reference: Customize reports in QuickBooks Online.

If you have any other questions, I'm just a post away. Have a wonderful day!