How do I track Other Income?
As a business owner, you may be receiving income 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 Invoices section
- Then click on the Other Income sub-section that appears
- Next, click on the New Income Entry button
- Choose a Source
- Select a Category for the income
- Specify the Amount, Currency and Date
- If taxes have been charged, click on Add Included Taxes
- Two new fields will appear if Taxes are added, list the Tax Name and Tax Amount
- If you’d like to specify payment details, click on Show Payment Details
- For Payments, two new fields will appear, choose the Payment Method and enter a Description if needed
- Once you’re done, click Save 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).
Editing Other Income
All logged transactions will appear in this Other Income section. This gives you a list of all your transactions as well as the option to archive, edit, or delete them.
Editing transactions can be done with the below steps:
- In the Other Income sub-section, click on the transaction you want to modify
- A pop-up edit screen will appear, and you can edit as needed
- Click Save to finish.
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 taxes entered, these are pulled into your Sales Tax Summary Report