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NAphoto
April 3, 2020
Question

How do I record forfeited deposit?

  • April 3, 2020
  • 1 reply
  • 0 views

Hi there,

 

I have a photography business and require a deposit to secure bookings. If cancellation is made after the cancellation period, the deposit is forfeited. Deposits are originally loaded as a liability, however, I am unsure how to record the forfeited deposit so that it does not show as a liability. Any help would be greatly appreciated.

 

Thanks in advance.

1 reply

L
Lucas - Product Champion
April 3, 2020

Hi NAphoto,

 

When it comes to questions like this, I'd recommend you reach out to an Accountant or a QuickBooks Online Certified ProAdvisor to make sure everything is being recorded properly - they will be able to ensure that everything is correct and won't cause any trouble with future reporting. 

 

Please reply here if you have any additional questions.

 

-Lucas

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