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 them as income.

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

  1. Head to Accounting > Money In
  2. Set Payment Method to Receive Client Payment
  3. Set Received From to the Address ID of the Client/Project associated with the remaining Funds Available
  4. In the Check# field, enter a value that will help you define and identify this transaction
  5. In the Amount field, enter the amount you need to clear from Funds Available as a negative (ex: enter -500.00 if you need to clear 500.00)
  6. In the Description field, enter a description that will help define and identify this transaction
  7. Set Cash Account to Sales Income Other (or another income account of your choosing)
  8. Click Post Payment in the upper right-hand corner of the screen

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