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Apr 28, 2020 5:18 PM UTC
Question

How do you account for income that is a non-sale? I.e the wage subsidy will come in the form of a payment. How do you record this?

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1 reply

Apr 28, 2020 5:47 PM UTC

Hello @smutch2much ,

 

This type of income should be recorded as an 'other income' type of account.  You can name it to match the Wage Subsidy, or you can just call it 'Other Income', detailing what it's for in the Description or Memo fields.

 

Other Income is any income that is not resulting from the business activities of your organization but rather from subsidies, interest, dividends from investments, etc.