Re: How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
It is a supplies expense for your equipment, you can name it as desired and make it a sub-account of an equipment expense account if you like. I have seen parent accounts for Equipment Expense with Sub Accounts for supplies, repairs etc.
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
Vitan,
I said it would be a sub-account of an "Equipment Expense" account, not a sub-account of a balance sheet account for Machinery and Equipment. Hope that clarifies things for you.
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
It is a supplies expense for your equipment, you can name it as desired and make it a sub-account of an equipment expense account if you like. I have seen parent accounts for Equipment Expense with Sub Accounts for supplies, repairs etc.
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
If you put it under Machinery & Equipment then it won't show up on Profit & Loss Report and only on the balance sheet? Does that mean that as a tax deduction it gets added to the cost of Machinery & Equipment? Or is it better to put it under Cost of Goods Sold?
How do you classify fuel used for a telehandler, generator etc.? Should it be a subcategory under Machinery & Equipment? Because it is not fuel for a vehicle?
Vitan,
I said it would be a sub-account of an "Equipment Expense" account, not a sub-account of a balance sheet account for Machinery and Equipment. Hope that clarifies things for you.
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