Hello,
I'm not sure if I do it correctly, can You help please?
I purchased an item as an investment for £10 and recorded it as Paid Out asset under "items for repair". Then I sold it for £20, received money via PayPal and recorded it as Pay In £20 under asset "PayPal account". Separately I spent £4 for parts which recorded as Paid Out under asset "parts".

Is it correct way? and all should be under asset?

Thank You

"£"- somehow wrongly converted Pound sign, so once again to make it clearly:

I purchased an item as an investment for 10pounds and recorded it as Paid Out asset under "items for repair". Then I sold it for 20pounds, received money via PayPal and recorded it as Pay In 20pounds under asset "PayPal account". Separately I spent 4pounds for parts which recorded as Paid Out under asset "parts".

Is it correct way? and all should be under asset?

Thank You

or should I have it as:

purchased an item as an investment for 10pounds and recorded it as Paid Out expense under "items for repair".

Then I sold it for 20pounds, received money via PayPal and recorded it as Pay In 20pounds under "PayPal account".

Separately I spent 4pounds for parts which recorded as Paid Out under expense "parts".

?

Main thing is asset or expense? Not sure which should I use in this case?

Hi Martin,

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