How To: Keeping Track of Other Incomes in UnitWise
For any Mary Kay consultant, income that comes from personal sales is very important, however as you grow your business you may encounter other types of Income: Commissions from MK, payments from Consultants for events, refunds from Businesses etc. UnitWise can help you keep track of all your Incomes in one convenient account.
It’s best to start by creating Income accounts. For instance you have a Training center, your consultants pay you for weekly meetings and special events with guest Directors and Nationals. For that you can create an Income account called Special Events.
To record your Income for any account, please go to Accounts>Other Incomes>Create Other income. For example, let’s say you are hosting a Debut party for your New Director Mary. Now you need to reimburse the caterer for food and the venue to the event space. Before you pay the vendors; money from attendees needs to be collected and properly recorded. Using UnitWise is the best way to do that. After you have created the Income Category (As described above) you can add incomes, in our case the payment was received from Jane Smith for $20 and the money is now recorded under Special Events Income account.
As the Income is added you can always view your Income activities under Accounts>Other Incomes. Here you can sort by Date, by Transactions name, Account name, Payment type and Amount. The list can also be exported to Excel.
At tax time or any time you can get report with totals of your Income accounts by going to Home>Reports>Account>Profit and Loss report>select a Date Range and Run report.
It is easy to get lost in the multitude of transactions you come across daily, that is why it is important to have a proper system, like one offered by UnitWise, that has a way to customize the program for any business situation you need to handle.
It’s best to start by creating Income accounts. For instance you have a Training center, your consultants pay you for weekly meetings and special events with guest Directors and Nationals. For that you can create an Income account called Special Events.
To record your Income for any account, please go to Accounts>Other Incomes>Create Other income. For example, let’s say you are hosting a Debut party for your New Director Mary. Now you need to reimburse the caterer for food and the venue to the event space. Before you pay the vendors; money from attendees needs to be collected and properly recorded. Using UnitWise is the best way to do that. After you have created the Income Category (As described above) you can add incomes, in our case the payment was received from Jane Smith for $20 and the money is now recorded under Special Events Income account.
As the Income is added you can always view your Income activities under Accounts>Other Incomes. Here you can sort by Date, by Transactions name, Account name, Payment type and Amount. The list can also be exported to Excel.
At tax time or any time you can get report with totals of your Income accounts by going to Home>Reports>Account>Profit and Loss report>select a Date Range and Run report.
It is easy to get lost in the multitude of transactions you come across daily, that is why it is important to have a proper system, like one offered by UnitWise, that has a way to customize the program for any business situation you need to handle.
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