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OTHER INCOME

Other Income

Other Income allows you to record income that does not originate from normal sales transactions.

Examples include:

  • Rental Income

  • Interest Income

  • Commission Income

  • Insurance Claims

  • Government Grants

  • Rebates

  • Asset Disposal Income

  • Miscellaneous Income

Recording Other Income separately keeps it distinct from sales revenue while ensuring it is included in your accounting reports.

Creating Other Income

  1. Go to Operations → Other Income.

  2. Click Add Income.

  3. Complete the income details.

  4. Click Create Income.

Income Details

Location

Select the business location the income belongs to.

Income Name

Enter a descriptive name for the income.

Examples:

  • Shop Rent

  • Insurance Claim

  • Bank Interest

  • Commission Received

Automatic Income Classification

As you type the income name, IsleBooks automatically suggests the most appropriate income account based on previously recorded entries.

For example:

Shop Rent → 4101 Rental Income

The suggested account can be changed manually if required.

This helps maintain consistent accounting classifications while reducing manual work.

Cost Centre (Optional)

Assign the income to a specific cost centre if required.

Payer

Select the customer, supplier, or other contact from whom the income was received.

Reference / Invoice Number

Enter an invoice number, receipt number, or other reference.

If left blank, IsleBooks automatically generates one.

Date

Select the date the income was received or earned.

Amount Before Tax

Enter the income amount before tax.

Tax Class

Select the applicable tax rate.

If the income is not taxable, choose No Tax.

Total (Including Tax)

Enter the total amount received, including tax where applicable.

Receipts & Supporting Documents

Attach supporting documents such as:

  • Deposit slips

  • Contracts

  • Bank statements

  • Payment confirmations

  • Other supporting documents

Multiple files can be attached to a single income record.

Notes

Add any additional information relating to the income.

Recording Payment

Unlike sales invoices, Other Income is generally recorded when payment has already been received.

Simply enter the income details and save the record.

Managing Other Income

All recorded income can be viewed from:

Operations → Other Income

From the Actions menu you can:

  • View payment details

  • Edit the income record

  • View the audit trail

  • Void the transaction

Audit Trail

Every income record includes a complete audit history.

The Audit Trail records:

  • Creation

  • Edits

  • User activity

  • Dates and times

  • Voiding

This provides complete traceability for financial records.

Voiding Other Income

If an income entry was created by mistake, use Void instead of deleting it.

Voiding:

  • Preserves the original record.

  • Reverses the accounting entries.

  • Maintains a complete audit trail.

For accounting integrity, voiding is recommended instead of deleting posted transactions.

Best Practices

  • Use Other Income only for income that is not generated through normal sales.

  • Attach supporting documents whenever possible.

  • Verify the automatically suggested income account before saving.

  • Record taxable and non-taxable income using the appropriate tax class.

  • Void incorrect entries rather than deleting them to preserve accounting history.

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