Payment to Mini Storage

by David Bazile
(Brooklen)

Good Afternoon Kathy,


Hope you are doing great. Anyhow, just a small concern, how do you account for a payment made to a mini storage? This transaction show's up on my client's bank statement, and, I am assuming it is because she owns too much inventory. Thank you in advance for your response.


Best Regards,

David Bazile
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Hi David!

When you're trying to figure out how to post an expense, think about the core reason for the payment. Your client is paying for storage, she is actually renting space for inventory. I would post it as 'rent expense'. You could even make a separate account and call it 'storage unit rent expense'.

Hope that helps!

Kathy


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