Where do second hand purchases go?

ajaffaraliajaffarali Member Posts: 3

I picked a used camera to use for our studio. How do I expense it as there is no receipt or vendor. Also, should I put it as an expense or a capital asset as it is a pricey camera. And finally, how do I set up depreciation for it- maybe at 3% per month?

Comments

  • JulianPJulianP Administrator Posts: 850 admin

    Hey there @ajaffarali !

    In this case, you can manually create an expense transaction. You can do this by heading over to the Accounting > Transactions page and pressing "Add expense" in the top right corner. The purchase of your camera can definitely be recorded as a capital asset. If you'd like, you can also record depreciation for this camera in your account by heading over to the Accounting > Transactions page again and creating a Journal Transaction. We have a great Help Center article that you can check out as well to guide you through the process of recording depreciation for your camera. You can check it out here. However, I suggest reaching out to a CPA to make sure your camera is accounted for appropriately.

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