Other Income Account form: options and information

Other Income accounts reflect revenues that your company receives that are not related to your normal business operations. Examples of Other Income accounts are finance charges or interest income. These revenues are grouped with Other Expense accounts at the bottom of the Profit and Loss report.

Open the form

  • On the Company menu, click New Account, and then in the Select Account Type dialog box, select Other income.

Form options

ShowForm options and descriptions

Option Description
Account type (Read-only.) Displays the default account type, which is Other Income.
Account no. This field appears if you select the Use account numbers check box in the Preferences dialog box. Type a number in accordance with your company's chart of accounts structure. It is a good practice to number the same types of accounts together. For example, all account numbers for Assets could start with a 1, all Liability accounts could start with a 2, all Equity accounts could start with a 3, and so on. You can change the account number by editing the account record.
Account name (Required.) Type a name for the account that describes the type of other income that you are tracking.
Status

By default, the Active check box is selected, and the status is Active. You can make the account inactive by clearing the Active check box. You can make an account active again by opening the account record and selecting the Active check box.

 Note   An account with Inactive status does not appear in dialog boxes, forms, or wizard lists. However, you can still enter the account in a field.

Subaccount of You can create subaccounts to separate a broad category into smaller, specific categories. Creating subaccounts can make a Profit and Loss report easier to understand and the results easier to analyze. The subaccount feature is seldom used for Other Income accounts because those accounts are so few.
Hierarchy (Read-only.) Displays the hierarchy of an account from a parent account through all the levels of subaccounts under it. For example, a Medical account that is a subaccount of Insurance would be displayed as Insurance>Medical.
Cash Flow category Click the arrow to identify the cash flow identity of this account as either Operating, Investing, or Financing. The Cash Flow Statement separates your cash activity into categories that describe your operating, investing, and financing activities. By selecting the proper category when you create an account, you ensure that the account activity is properly reflected in the statement. If you are uncertain about the category, open an account of the same type from the Chart of Accounts and note how it is categorized. If you select one of the default Chart of Accounts supplied by Microsoft Office Accounting 2008 when you are creating a company, the proper category appears by default.
Opening Balance Displays the opening balance, which is $0.00 by default. You can enter an opening account balance in the field if you are creating the account to bring over balances from another system. When you enter the opening balance, you create the opening balance in the account register.
As of

Displays the company start date as selected in Company Setup. To change the date, type the starting date for the account opening balance, or click the arrow to open the calendar.

 Note   You can enter a date prior to the start date that you selected in Company Setup. If you do so, a message opens that gives you the option to allow Office Accounting 2008 to automatically create all fiscal years necessary to include the entered date.

1099 Category Even though this field is available on this form, it is not related to this type of account, and you should leave it blank.
Include in cash-basis reports

The default report status of an account is determined by the type of account. To change the report status of an account, select or clear the check box. Cash-basis reporting is commonly used for preparing business tax returns.

 Note   If you are unsure about the impact of including or removing an account in a cash-basis report, consult your accountant.

Comments Type additional information about the account. This field is only for internal informational purposes, and you can view it only by opening the account record.

Additional actions

ShowActions menu commands

On the Actions menu, you can select the following commands.

Click To
New Account Create a new account.
New Journal Entry Create a new journal entry.
Open Account Register Open the Account Register form for the record you are in.
Transaction History Open the Transaction History report for the open record.
Transaction Journal Open the Transaction Journal report for the open record.

Related topics

Find company accounts in a list
Profit and Loss report: options and information
Add interest income
 
 
Applies to:
Accounting 2008