innoScent My small business uses an amount of tools and equipment that are too small to consider as capital costs but they are not materials either as will be used time and again. It’s not clear to me which of the expense categories I should be using for these items? Thanks for your help
Katie Hi, If the tools you’ve purchased each cost under £100, these should be recorded in the expense category ‘Low Value Equipment’. If they cost over £100, they should be recorded in the category ‘Equipment Cost’. All the best, Katie
Katie innoScent innoScent Yes, they’re available in both our free and paid versions. From the ‘Expense Type’ drop-down list you’ll find these under: Fixed Assets > Equipment Cost Repairs and Renewals > Low Value Equipment
