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Thread: Small Business Accounting Issue

  1. #1
    God/dess KatyBoleyn's Avatar
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    Default Small Business Accounting Issue

    I've been running the studio now for a few weeks and hit upon a very strange issue and I'm not sure how to resolve it on my books.
    1. I paid a model via a pay processor, using the business credit card.
    2. The processor held the payment pending me submitting more paperwork.
    3. I submitted the paperwork immediately.
    4. The paperwork was approved a week later.
    5. The model was paid 2 days after that the full amount. She withdrew her money in cash. It had been 8 days total since payment.
    6. NO FUNDS left my account. There wasn't even a pending transaction hold. Nothing.
    7. I called the processor to report the error. They actually started yelling at me that all was fine and the payment was done.
    8. Its been another week and no sign of a pending transaction. There is no standing order for recurring transactions, so they may miss their window to charge me.
    9. I recall they did shave a few cents on the transaction, so when they audit their books, they may not ever find the right amount to pin it on.
    Now, I may be stuck with free money on the books. In accounting protocols, how do I list this? Can businesses just call it a donation? I went through several accounting classes in college and this situation never came up. Should I just write them a check with a letter saying take my money? (ok, dumb question that one).

    Anyone with accounting experience know this?

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  2. #2
    Banned Melonie's Avatar
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    Default Re: Small Business Accounting Issue

    I would accrue it as a ( positive ) variance in anticipation that 'reality' will be restored.

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