Income Transactions

On the Income transactions screen you can post all types of income, including VAT reimbursements.

You can enter multiple income lines from the same source in a single transaction if required. You can choose to post the transaction in a future period if required. You can also choose to batch-process the transaction so that the data can be entered without immediately updating the budget, bank account and analysis code records. 

To post income transactions

1. From the Transactions menu choose Income
The Income transactions screen is displayed.

2. In the Income header section, choose the Income source for this transaction, by typing in its name or code.
You can enter the first few characters and use the magnifying glass to select the required account from the search results. You will be offered the option to add a new income source on the fly, by clicking Create New

3. By default today's Date is displayed. If required you can edit this entry to apply a different date to the transaction.

4. By default this allocation will be posted in the current Period. If you want to choose a future period or to batch this transaction, click Options and then:

     

    • If you want to post it in a future period in this current year or the next year, choose the Future period radio button. 
      This makes the Period field editable and adds a Year field with the default value Current. 
      Enter the required Period and Year values for this transaction.
    • If you want this transaction to be batched, choose the Batch transaction radio button. This adds a Batch Reference field. 
      Enter a Batch Reference for this transaction.

5. Enter the Gross total for this transaction, and a short Reference (10 characters or less, e.g a paying-in slip number).
If there will be multiple income lines
 for this transactionthe gross total will be the sum of them.

6. From the Bank account drop-down list, choose the account that will receive this revenue.

7. In the Line details section, enter the budget and other information for this income entry:

    • Enter the Analysis for this income, by typing in the code.
      You can enter the first few characters and use the magnifying glass to select the required analysis from the search results.
    • In the Detail field, enter a note about this income line.
    • Set the Budget Account for this income, by typing in the budget code.
      You can enter a partial code and use the magnifying glass to select the required account from the search results.
    • Enter the Gross amount for this income, and choose the VAT code from the drop-down list.
      The VAT and Nett amounts are calculated automatically. If they are incorrect you can overtype either entry.
    • Enter a Receipt no. if applicable, and enter an  S16 option (normally No).
    • To choose a Funding Stream for this income if applicable, click the magnifying glass and choose from the drop-down list.
    • To choose a Cost Centre for this income if applicable, click the magnifying glass and choose from the drop-down list.

8. Click Save line to save the details entered in step 7. (If instead you want to cancel the entry, click Clear line.) 
The saved entry is now listed in the Income lines section, where the £ Totals are updated.

9. If there is more income to allocate for this transaction, repeat steps 7-8 as required.

10. You may need to make changes to an income line that has already been saved - for example, to ensure that the sum of amounts in the income lines equals the Gross total. If you need to do this:

 

A. Select the allocation line that you want to change.

B. Under Line details, edit the data fields as required.

C. Click Save changes.

You can also delete an income line by selecting it and clicking the Delete icon.

11. You can add attachments using the paperclip in the top right-hand corner of the screen.

12. When you have finished, and the sum of the line totals (including VAT if applicable) equals the Gross total, click Post.

13. If you chose to batch the income transaction (see step 4) a confirmation pop-up is displayed; click Batch to confirm.

A green message bar confirms that the posting was successful. 

To post VAT reimbursements

If you receive VAT reimbursements from a local authority, it is essential to enter them correctly in Arbor Finance. VAT reimbursements must not be shown against any budget accounts or against any CFR codes. (VAT is not a part of the budget: the budget operates net of VAT and the bank operates gross of VAT, so it is the bank that is being reimbursed.)

1. From the Transactions menu choose Income
The Income transactions screen is displayed.

2. In the Income header section, choose the Income source for this VAT reimbursement, by typing in its name or code.
This can be LA, LBBD, ADVANCES or any other option you have defined in Arbor Finance. 

3. Accept the default Date, or enter the date of the VAT reimbursement on the bank statement. 
By default, this allocation will be posted in the current period.

4. In the Gross total field, enter the total amount of VAT reimbursed.

5. Enter an appropriate Reference (e.g., bank statement page and VAT or similar).

6. From the Bank account drop-down list, choose the account that will receive this reimbursement.

7. In the Line details section, enter the appropriate information for this VAT reimbursement:

    • Choose the Analysis that has been set up for VAT reimbursement (if the code isn't numerical, you might search on VAT or similar, or perhaps ADVANCES).
The CFR income codes must not be used for VAT reimbursement.
    • In the Detail field, ensure you record the period for which this VAT reimbursement applies (e.g. March VAT reimbursement).
    • Do not enter any Budget code for this VAT reimbursement.
    • In the Gross field, enter the total amount of VAT reimbursed (same as the Gross total value above).
    • From the VAT code drop-down list choose 20% or the current rate.
    • Then clear the Nett field, so that its value is zero and the VAT value equals the Gross value.

8. Click Save line to save the details entered in step 7. 
9. The saved entry is now listed in the Income lines section, where the £ Totals are updated.

Add any attachments to the transaction via the paperclip in the top right-hand corner.

10. Click Post

A green message bar confirms that the posting was successful. 

At any time you can view all the bank account balances, by clicking the green £ side tab at the right.
                                   

 

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