There may be times when you don’t want to record an invoice and just want to record money being received, for example, over the counter sales. You can record this quickly and easily using the Other Income option. You can also use this option to record a refund to a customer, or if a customer’s payment fails to clear your bank account.
- 1. Sales > Other Income.
- 2. Box 1 > complete the following information:
|Payment Method||Choose the payment method for the income. This affects which bank accounts you can choose from:
* Bank Receipt – Use this when you receive money directly into your bank account.
* Cash Receipt – Use this when you receive a cash payment.
* Cheque In Hand – Use this when you’re paid by cheque.
|Type of Sale||Choose the type of sale for the income. This may affect which VAT rate applies to the transaction. To create a new type of sale, choose Create new > complete the information > Save.|
|Payment Date||Enter the date of the payment.|
|Invoice Date||This only appears if you’re VAT registered. The payment date automatically appears; if necessary, you can enter a different date.|
- 3. Box 2 > complete the following information:
|Name||If the money is from an existing customer, enter the name > click the contact. To quickly create a new customer, click > complete the information > Save.|
|Reference||Enter a reference for the transaction.|
|Bank A/C||Choose the bank account you’re receiving the money into. The choice of bank accounts depends on the payment method.|
- 4. Box 3 > complete the following information:
The VAT options only appear if your company is VAT registered.
|Total||Enter the total amount of money for this transaction.|
|VAT Rate||Choose the VAT rate for the transaction.|
|Tick if Total includes VAT||If the total amount includes VAT, to automatically adjust the amount of VAT, select this check box.|
- 5. Click Save.
You’ve successfully recorded the income.
If you need to record a refund of other income that you’ve already recorded, for example because a customer bought an item over the counter then later returned it because it was faulty, simply follow the steps above but record the refund amount as a negative value. This adjusts your profit and loss report, your bank account and if necessary, your VAT Return.