Best way to account for non-stock income?
Posted: Wed Nov 09, 2005 12:49 pm
Can you advise the best way to handle income related entries that are not going through sales invoicing e.g. sale of stock?
If payment has been received for the income I would suggest that the entry be placed directly in the relevant cash book, and coded against the appropriate income account.
If the income in question has not yet been received and an invoice is required, then for CAPITAL 7.4 you can select from the invoice menu: Customise|Column Options, General Ledger Code. Then enter the GL (income) code against the line item. Don't enter a product code on this line. Only a description.
For earlier versions of CAPITAL where an invoice is needed, you'll need to create a non-diminishing stock item and assign it to a GL set that redirects to the applicable income account instead of a product sales account.