Repairs and maintenance
In accounting, repairs and maintenance means costs that keep an asset in working order without extending its life or adding to its capacity. Expensed when incurred; a major replacement or improvement that does, is capitalized.
Authority: ASC 360-10 (opens in a new tab). Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- capital expenditure
- depreciation
Nearby in the catalog
No component names this concept outright. These sit in the same part of the system.
6Statements
Family specAlso in Fixed assets & leases
Defined in Lexicon. This page is generated from that document, so the two can't disagree.