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.
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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