Daycare.com Forum
Daycare and Taxes>How to Record Refund?
AmyKidsCo 11:52 AM 10-08-2019
I have parents pay for their last 2 weeks up front, in case they leave without giving notice.
Last week I terminated a family's contract and refunded the amount they'd paid for their last week of care. Since they started 18 months ago the last 2 week payment was recorded as income and tax paid on it back then.
Do I record the refund as an expense?
Last week I terminated a family's contract and refunded the amount they'd paid for their last week of care. Since they started 18 months ago the last 2 week payment was recorded as income and tax paid on it back then.
Do I record the refund as an expense?