Travel agency booked air ticket
for journey dt. 02/04/22
He booked Ticket on 18/03/22
And send his invoice on 19/03/22
pl guide us whether booked as prepaid exp.or normal exp.
This matter is most urge
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Prepaid exp.on travel ticket
Replies (1)
To ensure accurate financial reporting, if the journey occurs in the next financial year, you should record the booking as a Prepaid Expense on your balance sheet for the current year, then recognize it as a Normal Travel Expense once the journey occurs in the following period.
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