Write-offs on the business

Dear all,

For some reason I didn’t find what I was looking for.
For this fiscal year I want to buy a new phone ($800), laptop ($2300) and a car ($20.000).
** These figures are illustrative.

IMHO I need those to end up in Manager.io. But how? First I’d say add those to the ‘Purchase Invoices’, but I’m not sure. I’m not selling these items later on but indeed bought them for my business. Second to get them in Manager.io as write-offs (investment deduction), but how? Should I record each investment (phone, laptop, car) on a yearly basis or can I set an annual depreciation?

For the depreciation I use the linear method:
(Annual Depreciation) = ((Purchase Costs)-(Residual Value)) / (Probable lifetime)

Can somebody explain to me how I should record this in the proper manner? I’m entirely lost.

Thanks,
Canefield

You would normally create these items as fixed assets - so you need to add the Fixed Asset tab to your business

These guides explain how to do what you want.

Your actual accounting will depend on tax laws in your country as different countries follow different rules
Purchase fixed assets
Expense fixed assets
Depreciate fixed assets
Dispose of fixed assets

First, you need to determine whether these items are capital assets under local regulations. If so, purchase them as fixed assets. See https://www.manager.io/guides/9106.

Second, these are not write-offs, no matter whether taken as current expenses or depreciation. Write-offs are non-revenue disposal of assets, such as for damaged inventory or bad debts. See https://www.manager.io/guides/10709 and https://www.manager.io/guides/14465.

Third, if they are depreciable capital assets, depreciate them each accounting period according to this Guide: https://www.manager.io/guides/9119.