Income accounts are used to track how much money is being received for various purposes. For churches, this can include offerings, rental properties, or fundraisers. These types of accounts also allow for budgeting.
Note: An income account will automatically be created, along with a corresponding equity and expense account, when creating an equity-backed Fund.
To add a new income account,
- Go into Ledger from the Navigation bar. If your site has multiple books, you'll want to make sure you have the correct book selected in the upper right corner.
- Click the Chart of Accounts tab to view all of your current accounts.
- Click "Add to chart" to open a creation window to the right.
- Enter the account name, and account number, if applicable.
- Under "Create account under", use the drop-down menu to select either the Income account type or a parent account under the Income heading further down the list.
- If this account is used for budgeting, check the appropriate box to allow this.
- Click "Save" to confirm the creation of the account.
Note: Once a fiscal year ends, all income accounts will be set back to a zero amount and added to Retained Income.