Income

Everything you need to know about fee management, expense management, invoicing, and basic accounting operations.

Written by BenIyke, Kunle O. Daramola

Updated 3 years ago

How to Create a Category for an Income

The following are steps to create a category for an income (an income category)

Step 1: Log in to the school portal and navigate to the Finance section of the main menu
Step 2: Click Income (A submenu of Finance)
Step 3: Click the ADD CATEGORY button in the top right corner of the page
Step 4: Click Save

A. Things to take note of when adding CATEGORIES of income revenues:

Enter the source of income (e.g. admission forms, stationery, etc.) in the Title field
Click Reference Account to see the list of Banks the school uses, and then choose the bank account in which the income should reflect
Click ADD MORE to input all other sources of income or revenue for the school

B. To make any corrections or adjustments, click the Edit button, or the Delete button to remove an entry completely.

The following are steps to link an income category to a bank account for income revenue:

Step 1: Log in to the school portal and navigate to the Finance section of the main menu
Step 2: Click Income (A submenu of Finance)
Step 3: Click Income Account (A submenu of Income)
Step 4: Click the LINK CATEGORY button to see the categories or sources of income linked to any bank of interest

The following are the steps to enter details of all earnings or income made:

Step 1: Log in to the school portal and navigate to the Finance section on the main menu
Step 2: Click Income
Step 3: Click Manage Income (a submenu of Income)
Step 4: Click the MANAGE INCOME button attached to any of the categories
Step 5: Click the ADD INCOME button at the top corner
Step 6: Fill in all the *required fields with the relevant information. (Click the Edit button to make any corrections or adjustments, or the Delete button to completely remove any entry)
Step 7: Click Save

The following are steps to view an income report:

Step 1: Log in to the school portal and navigate to the Finance section on the main menu.
Step 2: Click Income (A submenu of Finance)
Step 3: Click Income Statement (A submenu of Income)

The income Statement gives access to the Annual Income statement (an overview of the yearly report on income, expenses, total earnings, etc.)

To view the income statement for a particular year, click the YEARLY REPORT button in the top right corner
Navigate to the Dashboard to see a detailed graphical overview of information on income for the month.
Click the SWITCH CALENDAR button in the top right corner to filter the information to the year and month of your interest.

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