What's the best way to record this?
fireflys_98 at yahoo.com
Mon Jan 3 11:55:27 EST 2011
--- On Mon, 1/3/11, Ian X Waddington <iwaddox at gmail.com> wrote:
> To expand on this, what should you do
> with an expense that is refunded
> because you return something to the store.
> If I paid £50 for a new coat on my credit card against
> expenses clothing
> then a week later I returned the coat I would simply enter
> an identical
> transaction with the signs reversed - wouldn't I, how else
> should I do it?
> I see this as the same as for the short term loan
I'll agree and disagree, you can deal with them the same, however I presume when you purchase something from the store you don't intend to return it, so as such it's an expense, then when you return it, the expense goes away.
Short term loans are never expenses, you would expect it to be returned, having said that I think I deal with them the same way, but this is my personal accounting and I'm hecka lazy.
- James Duerr
E-mail: FireFlys_98 at yahoo.com
Discover a lost art - play Marbles. May 2004
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