How do I track Other Income?
As a business owner, you may be receiving income or revenue through other means that don’t require an invoice (like non invoice income).
Other income can be from selling through online stores (like Shopify and Etsy), at fairs, selling ads, or renting space, for example. This can be tracked in FreshBooks by recording the details of the income, along with the payment (which is optional).
Recording Other Income allows you to provide accurate information for your accountant, so you can get a complete picture of the health of your business.
Add Other Income
To add Other Income into your account, use these steps:
- Click on the Payments section
- Then click on the Other Income tab
- Next, click on the plus icon next to All Other Income
- Click on Source and type in a new Source or choose from a pre-existing list of Sources you've used before
- Click on Income Category and choose from these income types: Advertising & Affiliate Income, In-Person Sales, Online Sales, Rental Income or Other
- Next, the Date is automatically set to present day, click to change it to a different date instead
- Then click on Payment Method and choose a type
- To add sales taxes, click on Tax Amount and follow the steps here
- In the Amount field, enter the total and change the Currency in the dropdown if needed
- If this Other Income needs to be associated to a Client, click on Assign to Client and search or select the Client
- Then if needed, click on the Description field to give more details on the Other Income entry
- Once you’re done, click on the checkmark icon to finish.
Note: When you enter a Source, the Category will automatically fill in based on how you categorized it previously (e.g., if you categorized Etsy as Online Sales before, this will automatically categorize for you when you type in Etsy again).
Manage Other Income
All logged transactions will appear in this Other Income section. This gives you a list of all your Other Income transactions as well as the option to archive, edit, or delete them.
- Hover over any Other Income entry to quickly Edit (pencil icon) or Delete (trash can icon)
- Check off a box or multiple boxes, click on Bulk Actions, and select either Delete or Archive
Where does my Other Income appear in my Reports?
Other Income populates these reports:
- All revenue entered goes into your Profit & Loss Report in the Sales section
- If there are sales taxes entered, these are pulled into your Sales Tax Summary Report