How to Set Up Additional Income Under Sales to Be Displayed in the Income Statement (Profit and Loss) (New Vers.)

How to Set Up Additional Income Under Sales to Be Displayed in the Income Statement (Profit and Loss) (New Vers.)

Learn how to set up additional income under the Sales category so it appears correctly in the Profit and Loss (Income Statement) report. This helps ensure accurate financial reporting and categorization of your revenue sources.

1. Click on Accounting and select 'Chart of Account'

2. Click on Add New

3. Click on Products/Services and select 'Products/Services'

4. Click on the three-dot menu

5. Click on Edit

6. Choose the income account you created

7. Click on Save

8. Click on Sales Invoices

9. Click on Add New

10. Click on Sales Invoices

11. Create a New sales invoice for the item you just created

(The Chart of Accounts you just created will reflect and affect future invoices, not previous ones. This means that any new transactions recorded under this account will appear in future Profit and Loss statements, while past invoices will remain unchanged.)

12. Click on Save

13. Click on Accounting and select 'View Report'

14. Click on Profit & Loss

15. The account is properly linked and displayed in your P&L statement

16. Click on the account

17. It will take you to the Ledger page

(You can view detailed transactions and ensure that future invoices are recorded correctly under this new account.)

18.  Click on the Reference No.

19.  It will take you to the sales invoice associated with that entry

(This allows you to track every transaction and verify how it appears in the P&L report.)