How to financials

Category

• Supplies - Things consumed by the process of using or running the machine. Will not improve or maintain condition.
  • These are going to be things that are directly worn down in its normal use. Example: grinding wheels, bandsaw blades, end mills, and lathe tooling.
• Repair and Maintenance - The costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition (as opposed to improving the asset). Fixing non-consumable things in the machine. These things are less frequently replaced.
  • Example: cleaning fluid, belts.
• Small Equipment - Tools or permanent improvement to tools or area.
  • These include things like shelving.
• Office Expenses
  • Things that would be used to maintain an office building. Examples: cleaning supplies, toner, paper, toilet paper.

How we are categorizing specific things

• Software licenses
  • Going to categorize these as office expenses. The "Regs, licenses, and fees" account will be used for government dealings.