Reflecting invoiced lump sum payment in income

BlissSisBlissSis Member Posts: 1
edited August 10 in Accounts Hosted
We received two lump sum funding payments per year, which are invoiced.
The invoiced item is a service and the payment is receipted to the relevant bank account, however, this is not reflected as income in P&L Budget vs Performance.
How do I allocate this income so it is reflected?

Thank you :) 

Comments

  • John GraetzJohn Graetz Member Posts: 1,653 ✭✭✭
    edited July 15
    Hi BlissSis.  Are you processing the received payment through Customers> Receive Payments?
    If you are using Accrual Accounting, the transaction should be recorded as income under the date of invoicing.  Is you are using Cash Accounting, the receipt will not be reflected as income until such stage as you go through the process of receiving the payment as detailed above.
    John L G
  • NicolaNicola Member Posts: 17
    edited August 10
    Hi BlissSis
    The other thing to check (if John's reply doesn't already solve it!) is what the Item you have used on your invoices is linked to - you need to make sure that it is going to an Income type in the COA as if it's not then it won't reflect correctly in the P&L.  If you want it to be reflected as it's own line in the P&L you just set up a new Income item in the COA and then link your Item to this.
    Nicola
  • Jacqui AllenJacqui Allen Member Posts: 243
    edited October 2019
    Is it a requirement of this funding to report where & when it is acquitted, if so should it not be listed as a liability and drawn down to income on a monthly/quarter basis, which is important if it overlaps the financial year . . . . .
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