Thanks for the reply. The event is/was based in Manchester, UK.
Our service is provided directly to the event location with a sole recipient (The non EU based Customer). What they do with that service after is not specified but likely used by all the parties mentioned.
Again, I assume attendees pay to attend but surely that is not relevant to this transaction as this does not involve the telecom supplier (UK based supplier)
You have read that correctly, my reaction was similar however at most it must be a value of less than 0.01% of the fees we have paid over the years! I do have written confirmation of this which I will keep handy.
I considered reversing the journal for the refunds however each of these refunds show as a refunded payment on specific customer accounts ( I would still want this to be true).
I can not decide if I am over complicating this but should i be recording this w/o as a form income? As to un-do what has happened in the past few weeks.
I understand I would debit the merchant account to reverse the Non-paid out refunds amount but where is appropriate to place the credit (income?)
Finally what are the VAT implications? I obviously recorded a VAT sale and then the credit applied for the refund invited VAT but ultimately the cash for the refund never left the business.
This feels like it should be a simple transaction and perhaps I am over thinking it!
My answers
Thanks for the reply. The event is/was based in Manchester, UK.
Our service is provided directly to the event location with a sole recipient (The non EU based Customer). What they do with that service after is not specified but likely used by all the parties mentioned.
Again, I assume attendees pay to attend but surely that is not relevant to this transaction as this does not involve the telecom supplier (UK based supplier)
You have read that correctly, my reaction was similar however at most it must be a value of less than 0.01% of the fees we have paid over the years! I do have written confirmation of this which I will keep handy.
I considered reversing the journal for the refunds however each of these refunds show as a refunded payment on specific customer accounts ( I would still want this to be true).
I can not decide if I am over complicating this but should i be recording this w/o as a form income? As to un-do what has happened in the past few weeks.
I understand I would debit the merchant account to reverse the Non-paid out refunds amount but where is appropriate to place the credit (income?)
Finally what are the VAT implications? I obviously recorded a VAT sale and then the credit applied for the refund invited VAT but ultimately the cash for the refund never left the business.
This feels like it should be a simple transaction and perhaps I am over thinking it!