Hi there,
The monthly fees for the shop / house rented for my business should be categorized under what tab?
Thanks,
Yang
Whatever you wish that meets local regulations. You can use one of the default accounts that appeared when you created your business, or you can set up a new one (such as Shop rental) under Settings >> Chart of Accounts.
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Hi,
Do you pay your rental in advanced or not ?
If not, just create a new account in the Expense category for Shop Rental.
If you pay the rental in advance lets say for a year for example, you need to create pre-paid Shop Rental in the Current Asset and each month do a journal entry to the shop rental expense.
@rully_p’s advice will depend on whether you are using accrual accounting or not.
@Tut thanks for the help and info.
@rully_p no, i do not pay in advance, can i have the step to create a new account in the expense category?
thanks for the help!
Just go to settings and select chart of accounts and just create it under expense category.
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