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beencounter


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Purchase invoice question
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Hi to everyone on the forum!

My client has an invoice for the purchase & installation of a fire alarm system. Should this go to plant and machinery or furniture and fixtures? Or would it go to repairs and maintenance?

Thanks in advance for assistance,

Ted

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Accountsguy


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Hi Ted, welcome to the forum.

If the fire alarm is new (i.e. not a replacement of an old alarm) it's a fixed asset and should therefore go to an asset account in the books. It's a personal preference which one, but I would go for fixtures and fittings if it was me. Obviously if the fire alarm is a replacementm it needs to be treated as an expense and included in repairs.

Hope this helps!

Guy

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beencounter


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Thanks Guy, will put it in F&F.

Ted

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