Small Tool Purchases

How do I enter purchases of small tools?

Most users of Goldenseal accounting software prefer to expense the cost of purchasing small tools and equipment, rather than depreciating the items.

Expensing a Tool Purchase

To enter a small "expensable" tool purchase into Goldenseal, follow these steps:

1. Choose Material Purchases from the Costs menu.
2. Click the New button.
3. Enter the vendor into the Supplier clairvoyant field.
4. Enter a brief description of the tool. HINT-- To itemize a list of tools, enter Category into the Breakdown popup field on the left side of the window.
5. Enter the cost of the item.
6. Enter Overhead into the Job Class field (unless you are expensing the item to a specific project).
7. Enter an Overhead account into the Job clairvoyant field.
8. Click the More Info button, and enter a Category. HINT-- You might want to use a separate cost category for small "expensable" tools.
9. Hit the Enter key to save the record.

NOTE-- If a tool is large enough to be worth tracking separately, enter the purchase as an Equipment purchase instead. That way you can track future useage and job costs for the tool.

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