Hi,
I am doing books for small school P&C, in 2020 we supposed to have a Carnival and made a deposit for a rides in 2019 which was entered as Spend Money - Less Fundraising Purchases account, Canival was cancelled and we didn't get our deposit back or able to use it for something else. So the question is how do I write off this deposit as unused?
Thanks
Olga
Hi Atinuke
Thanks for your post. From a software perspective you could record a general journal and transfer the amount from the Fundraising purchases account to a write-off account. However, I would recommend speaking to your accountant to ensure this is correct for tax/BAS purposes. You would also need to check on the applicable write-off account with the accountant.
Please let me know if you need further help.
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