Hello, I work at a small private school. We recently purchased a math program for our computer lab, which cost us $12,000. I wanted to post a question here and ask accounting professionals how I should code this purchase in Quickbooks. We have a GL account called ‘computer lab’ under cost of goods sold. Should it be coded there or should it be considered as fixed asset since it’s more than $1,000? but if so, I am not sure which fixed asset account should be most appropriate, we have computer equipment, furniture & fixture, Office equip, leasehold improvements & school equip under fixed assets, is a computer program a computer equipment??? If anyone could give me advice, I’d really appreciate it. Thank you in advance for taking your time to read my question.
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