In terms of book keeping (accounting?),
How would one log tools and accessories brought from places like Marko, Tool Center, etc?
So, let's say I brought an electric drill for R5k, and neet to claim VAT, and depreciate it, what would the correct procedures be?
In XERO, I see a set of books called "Repairs and Maintenance", but this doesn't quite fit. So I create a new set of "expense" books called "Tools and accessories". So now when I book the drill's invoice, I assign it to this set of books, right?
Now, in futre, any other tools, like a welding machine, cut-off machine, etc goes into this set of books, right?
Drill bits, welding rods, etc, which are essentially "consumables", does it go into the same set of books, or should it ideally be separate?
And then, how do I depreciate this ? I did see the depreciation allowance table, but not quite sure how to use it?