A guide to Income

A guide to Income

What is Income? 

The Income section is used to keep records of all the money coming into your business.

Each income entry you record can contain details about how much money you received, what type of income it was, and how it was paid to you - either through the bank, paid in cash, or a mixture of both.

When entering income you record the gross amount (including GST), then categorise it according to the income type. The GST will be calculated automatically based on the category you assign the entry.

The GST types are:

  • GST: All receipts subject to GST.
  • Exports: All receipts from exports.
  • Other GST-Free: All GST-free receipts (other than exports).
  • Input Taxed: Receipts that are input taxed e.g. residential rents, financial supplies.
  • Non-GST: Receipts that are not to be reported in the GST section of your BAS, e.g. transfers from your savings, salary & wages, amounts received from a hobby, trust and partnership distributions, dividends, loans and interest received (unless you make financial supplies in your business.)

There are multiple ways you can create a new income entry:  


1. Creating a Manual Income Entry 

  1. Click Income in the sidebar on the left side of the screen, then select Add Income


 
  1. Enter the Amount of income you received and Categorise it (You can split the income and categorise it to multiple accounts if needed using the Split Income option)
  2. Select the Payment type
    • This depends on whether the income has been received in your bank or not.
  3. Add the following optional details to the new income entry:
    • Select the Customer
    • Enter a Reference Number
    • Add any relevant notes you may have for the entry in the Description field
    • Attach a Document (requires Snap and Store add-on to upload new documents)
  4. Click Save entry


 
 

2. Creating a New Entry through an Invoice 

If you have an existing invoice within okke and you have received payment for it, you can record the amount received directly on the invoice following these steps:
  1. Open the relevant paid invoice


 
  1. Click the Record a payment button on the top right of the screen


 
  1. Check and fill out the following details:
    • Fill out the Receipt Reference 
    • Select the correct Receipt Date 
    • Ensure the Amount Received is correct 
  2. Tick the Record in Cash Flow checkbox
  3. Select the correct Account
  4. Categorise the income by selecting the Pay To Column
  5. Select the correct Payment Location, whether the transaction is banked or not banked 
  6. After those details are filled, click the Confirm button to save and record your income entry.


 
Note: The Record a Payment button will only be displayed when the invoice has been Finalised and Marked as Sent. 
 

3. Creating a New Entry through Transactions 

  1. Go to Banking / Transactions on the sidebar. 
  2. Import your bank transactions into okke using Automatic Bank Feeds or Importing your Bank Statement. 
  3. Click the relevant transaction to Create New Entry


 
  1. Choose the Category for the income (you can split the income and categorise it into multiple accounts if needed using the Split Income option)
  2. Assign a Customer
  3. Add a reference number and description
  4. Click Save