Does anyone know - in fiscal year end (June 06) if a field trip occurs in July 06 and advance is made to individual in June 06 - individual purchases bus fares for field trip on June 30, 06. Do we have an expense in June or July.

July.

In June, it would be recorded as a prepaid asset.

June 06
Dr. Prepaid Asset
Cr. Cash

July 06
Dr. Bus Expense
Cr. Prepaid Asset