Hi Matt... just ran across your channel for the first time! I see that you have no numbers for each of the accounts... is using number for each account not recommended?
Hi Matt! I'm an office manager at a spray foam insulation business. We buy our employees gloves, coveralls, masks and etc. My question is what account should I be recording these expenses under? I've been putting them under job materials but I really think this isn't the correct way to record these. We have an other job related costs acct but I don't use it because think it sounds a little vague. Should I create a sub-account? Any input would be appreciated, thanks.
Sue McGranaghan no I would not duplicate them in the chart of accounts. This will end up making your chart of accounts too big. I would keep the accounts to as few as possible but break down expenses by department or division with classes
Hi Matt... just ran across your channel for the first time! I see that you have no numbers for each of the accounts... is using number for each account not recommended?
It’s really a personal preference to be honest
Hi Matt! I'm an office manager at a spray foam insulation business. We buy our employees gloves, coveralls, masks and etc. My question is what account should I be recording these expenses under? I've been putting them under job materials but I really think this isn't the correct way to record these. We have an other job related costs acct but I don't use it because think it sounds a little vague. Should I create a sub-account? Any input would be appreciated, thanks.
Morgan Collins most of my clients in this situation put it as Incidental Job Supplies Expense, but it is not COGS, it is a below the line expense.
If I want to track something by class, do I have to or should I be putting those same items in my chart of accounts?
Sue McGranaghan no I would not duplicate them in the chart of accounts. This will end up making your chart of accounts too big. I would keep the accounts to as few as possible but break down expenses by department or division with classes