Looking for some direction please.
I have a client who was to attend an event and paid the invoice in the current fiscal year. Because of Covid the event was cancelled. The event refunded 1/3 of the payment (direct deposit into bank account) and has credited 2/3 to a future event. The original payment was made in March 2020. Refund/Credit took place in June 2020. March's bank account has been reconciled.
How do I record this? I did not record it as a prepaid expense. I'm using Sage 50 Canadian Version.
Thank you for your time.