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1 year software licences

Where would you record annual renewable software licences

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Continuously investing in 1 year renewable software licences.  We use 'Taxfiler' software for which there is no comparable heading.

So, would you record in 'software' or 'repairs and maintenance' or something else?

I do not see the need to record under fixed assets for obvious reasons unless someone disagrees with me!!

 

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Oaklea
By Chris.Mann
01st Jul 2020 12:16

Firstly, it's revenue expenditure. I'd suggest a classification of; administrative expenses, extended to IT Software Licences?

Much depends on what emphasis you place on this, I'd have thought?

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By tom123
01st Jul 2020 12:39

At the level of a few pounds per month, I would put in with all the other IT costs - so software seems fine.

If it runs into thousands, I tend to create a prepayment, and have a software licences category that I therefore expect to be level each month.

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RLI
By lionofludesch
01st Jul 2020 13:44

I record them under "Software".

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Replying to lionofludesch:
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By Gone Sailing
01st Jul 2020 20:00

If only Taxfiler would change "Software" to "Computing" my life would be so much easier!

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