Accounting? If i was a hairdresser and i purchased books and magazine
If i was a hairdresser and i purchased books and magazine how would i record it surrounded by the general account. i.e as an expense or an asset
Jimmy
What country are you operating within?
What accounting software are you using?
Here in Australia, you could marry the STS and anything under $1000 write of contained by the year of expenditure.
In MYOB software - you would process them through Banking Command Centre, not a General Journal.
Allocate them to "Books & Magazines", I would tend to leave "subscriptions" for things similar to subscriptions to hairdressers associations - but it will do if you want.
Books and magazine are business expenses. You should have an expense article called "Subscriptions" that you can debit them to.
Answer:
Generally, things under $500 can be considered an expense. If it is over $500 or have a long life (not contained by the case of magazines), afterwards it is an asset that gets depreciated.
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