How Do I Move Funds Available to an Income Account?

This article will walk you through how to move funds available to an income account and recognize as income.

 

Note: Assuming remaining funds available are not being refunded to the client and therefore need to be recognized as income, follow the steps below

 

Step 1. Select Accounting>Money In.



Step 2. The Payment Method will need to be set to “Receive Client Payment”.

Step 3. The Received From will be the Address ID of the client/project.

Step 4. In the Check# field, enter in something that will help define and identify this transaction.

Step 5. This is the amount you are clearing from Funds Available but, must be a negative amount (-500.00).

Step 6.  In the Description field, enter in something that will help define and identify this transaction. 

Step 7. Cash Account will need to be set to “Sales Income Other” (or other income account of your choice).

Step 8. Select "Post Payment".

Note: The Funds Available will be reduced by the negative amount you entered. Then funds will then be placed in the Sales Income account. You can verify this by going to your General Ledger.