We purchased a large fuel tank (11,000L) last year and I was trying to enter it, but can't decide if it is simply an expense, an asset or a capital asset. I feel silly, but I'd rather not have to create a giant problem that I just have to fix after the accountant looks at my books.
Hello Tanya, I would recommend entering it as a Capital Asset under class 8.
Furthermore, no need to feel silly, it is a good question. It is better to ask now than having to fix it later. That's the purpose of the discussion boards. I hope this helps.