I have a lot of sub $500 items I buy for use in my business. They could be considered equipment or tools. I may keep them beyond a year or sell them. I wanted to keep track of them as inventory items because I can easily print a report of what I own, and see a total of their retail value.
Would these be better to keep track as fixed assets? If so could would I use the "furniture and equipment" fixed assets account when I purchase them? Would my account be able to do a group depreciation on all these items if there is a lot of them or does depreciation have to be itemized? They are quite small, sub $500 value.
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