Institute of Certified Bookkeepers
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New Client - new everything

  • Associate in Employment
  • 4 posts
  • # 119016

Hi there.  I am taking on a new client (Partnership) that have rented a premises and have spent the last 3-6 months doing a complete refurbishment of the premises (so lots of Trades required).  Also purchased lots of new equipment to start the business.  Xero is the software they wish to use and I'm hoping the day to day processing of this happens sooner rather than later as the business officially opens this month.  Am I best to create an expense account named 'Pre-Establishment Costs' and process all these pre-establishment costs to this account (and therefore the accountant can choose to do what they want ....).  And obviously put new equipment to Asset accounts. 

Thank you!

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