Showing A Credit
Posted: Wed Jun 03, 2020 7:57 pm
I have paid a vendor a large amount of money for a service (a musical performance) several months ago. Since they have cashed the check, it shows as an expense in my I&E Report. The performance was cancelled due to the virus but I have rescheduled it to 2021 (which will be in my new fiscal year).
In my current fiscal year how can I move this "expense" to show as a "credit" (in the income portion of my current I&E Report or back to some kind of "hold" entry in my Balance Sheet) without having them write me a check and putting it back in as income and then issuing them another invoice come my new fiscal year? I am trying to do this so I don't show a gigantic loss (the act was $28,500) for this fiscal year.
In my current fiscal year how can I move this "expense" to show as a "credit" (in the income portion of my current I&E Report or back to some kind of "hold" entry in my Balance Sheet) without having them write me a check and putting it back in as income and then issuing them another invoice come my new fiscal year? I am trying to do this so I don't show a gigantic loss (the act was $28,500) for this fiscal year.