I have a receipt for a business mobile that has been upgraded to a new handset. The receipt is a zero amount so would I just file this in purchases or somewhere else? Or would you account for it even though its zero?
sounds as though it's just a replacement of the handset as part of the contract.
The contract will already be being expensed through P&L so there is nothing to add to the books for the new handset.
Personally I would file away the receipt but do nothing else with it as the expense is being accounted for elsewhere and also this does not meet the criteria to be classified as an asset of the business.
Kind regards,
Shaun.
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Shaun
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