NESFA^® Treasury Procedures:  Other Income Reports

Essentially, an income report is the reverse of an expense report.  An expense report says what money a person has paid out of their own funds on behalf of NESFA; an income report says what money a person has received on behalf of NESFA, but kept the money. 

The accounting for an income report is easy:  debit the person's advance account and credit whatever account is receiving the income.  (The process is a bit more complicated when you are entering book sales reported on an Income report.)

A frequently misunderstood point:  an income report is only used when money owed to NESFA is kept by a member with an advance account.  It could be the member her- or himself paying dues or buying a book, or someone else paying dues or buying a book.  There is no need for an income report to accompany a check.  (Just write that the payment is for on the front of the check.)

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