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:
- Select the Payments section
- Then select the Other Income tab
- Next, select the plus icon next to All Other Income
- Select Source and enter in a new source or choose from a pre-existing list of sources you've used before
- Select 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, select to change it to a different date instead
- Then select Payment Method and choose a type
- To add sales taxes, select Tax Amount and follow the steps in How does sales tax work? 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, select Assign to Client and search or select the client
- Then if needed, select the Description field to give more details on the other income entry
- Once you’re done, select 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
From the Other Income section, logged transactions will appear. Hover over any other income transaction to quickly perform any of these actions:
- Edit - Select the pencil icon and edit the other income entry
- Delete - Select the trash can icon and move the other income entry into your list of deleted other income entries
You can also update several other income entries at once. Check off as many boxes next to other income entries as needed, select Bulk Actions, and select either Delete or Archive.
Where does my Other Income appear in my Reports?
Other Income populates these reports: