Other Income

SUGGESTED

My Profit and Loss statement must have excess of revenue over Expenses from operations.

Next Other Income.

Then Net excess of revenue over Expenses.  

How do I create an account that will not add to the revenue of operations?

And have a separate Other Income before the Total Revenue. 

Is this possible?

Freda

  • 0
    SUGGESTED

    Hi  ,

    Thanks for reaching out and apologies for the delayed response. The articles from our knowledgebase suggest that this may be related to the proper use of GIFI codes for reporting purposes, but they don’t provide a direct answer to your question about account creation.

    However, to achieve what you're describing, you'd typically need to create a new income account in your Chart of Accounts specifically for 'Other Income'. Make sure this account is not grouped with your operational revenue accounts. When you run your Profit and Loss report, you should be able to position this 'Other Income' account to display separately from the 'Total Revenue from Operations'.

    If you need further guidance on this, please let us know, and we can provide additional resources or assistance.

    If this helps please mark it as verified :)

    Warm Regards,
    Erzsi