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I buy a container for storage purpose. Please advise me how i can treat this transaction ?
Hi Brian Nguyen. I recommend you reach out to an accountant about what would be the best accounting treatment in your situation. Everyone's situation is different and it's always best to speak with a licensed CPA about these subjects.
If you need help finding one, just head over to the Find an Accountant page to locate a QuickBooks Certified Pro Advisor in your area. If you need anything else, leave a reply below. Have a great rest of your day.
create a fixed asset account for the storage container, use that account as the expense (reason) for the payment
Hey @Rustler,
Our company did the same thing; we bought a shipping container to use as storage, so would that be applicable under Property, Plant, and Equipment? (It is currently placed behind our store, if that makes any difference.)
And if it is considered, would it be considered Building? Or just Other Fixed Asset?
I'm using QBO Canada, so I don't know if that makes much of a difference or not. But I can't seem to find a response to this question in the Canadian community.
Sorry. All help is appreciated.
@NewToBookkeeping2021 wrote:
Hey @Rustler,
Our company did the same thing; we bought a shipping container to use as storage, so would that be applicable under Property, Plant, and Equipment? (It is currently placed behind our store, if that makes any difference.)
And if it is considered, would it be considered Building? Or just Other Fixed Asset?
I'm using QBO Canada, so I don't know if that makes much of a difference or not. But I can't seem to find a response to this question in the Canadian community.
Sorry. All help is appreciated.
It really makes no difference, the difference is where it displays on a balance sheet, and your logical listing of the fixed assets. Short answer is that it is up to you.
Since it is not, presumably, attached to a permanent foundation, not attached to an existing building, and more importantly, not supplied with utilities, and could be moved (with the right equipment) around your property it is most likely a candidate for 5-7-10 year property. It may even qualify for a full writeoff in year one - but it is still a fixed asset
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