How do I record a refund for a studio related expense?
If you purchase books or materials for your studio, and then later return those for a full (or partial) refund, you should record this transaction in the Expenses and Other Revenue section.
A refund is a special type of expense transaction because it reduces your studio expenses (as though the original purchase was for a lesser amount). It should not be recorded as revenue.
Here's what to do:
- Navigate to "Expenses & Other Revenue" from the main menu on the left.
- Click the "+ Add" button and select "- Add Expense" from the drop-down menu.
- Enter the payee, date, and amount of the refund.
- Select the "Refund" checkbox (to the right of the "Amount" field).
- Click "Save".
You should see the refunded expense appear as a negative value in your studio's expense column.