My organization paid a deposit for an event (that will take place THIS fiscal year) LAST fiscal year. What journal entry would be made to transfer or show the expense in THIS fiscal year's event P/L or transaction detail reports? Thanks!
USA Move/Reflect Expense from Last Fiscal Period in Current Period
- Thread starter blue2019
- Start date
The deposit paid last fiscal year should right now be on your balance sheet as an asset. Let's say account is "Event Deposits Asset"
When that deposit is applied this year, then
DR Event Expense (for example)
CR Event Deposits Asset
When that deposit is applied this year, then
DR Event Expense (for example)
CR Event Deposits Asset