New Deposit (Other Income)
Other Income is used for recording income that is not generated from payments made against invoices. Typically this will be income such as bank interest, government rebates, etc.
How to record other income
- From the menu strip at the top of the main screen, go to Banking > New Deposit (Other Income).
- You can switch the Status mode to Pending or Received.
- Enter the customer/creditor the payment is received from.
- Enter the Payment Date.
- Select an 'Income Account' from the dropdown.
You can set up Income Accounts via Setup > Income & Expenditure Accounts.
- Reference Number is normally the banks reference.
- Enter the Amounts and tax code.
- Enter the Payment Method.
- Select the Bank Account the payment is received into.
- Enter a short Memo to best describe the reason for the payment.
- Click 'Save New' when completed.
Note: You can view and search for Other Income transaction via Banking > Cash Book.