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don10
Level 1

How do I add a new 'other income' account?

 
5 Comments
MorganB
Content Leader

How do I add a new 'other income' account?

Hi, don10.

 

I appreciate you contacting the Community for support. I can show you how to add a new Other Income account.

 

It just takes a few steps to get this done. Here's how:

 

1. Click the Accounting tab in the left navigation bar.

2. Select Chart of Accounts.

3. Choose the green New button in the top right corner.

4. Select Other Income from the Account Type drop-down.

5. Choose the Detail Type and enter a Name for the account.

6. Click Save and Close.

 

This link will take you to a YouTube video that offers assistance on understanding the Chart of Accounts in QuickBooks Online: https://www.youtube.com/watch?v=lUjlejdeSO4.

 

I wish you and your business continued success. Feel free to leave a comment below if you have any other questions.

JayB4
Level 1

How do I add a new 'other income' account?

It appears "Other Income" is above or below sales.  I am looking to add from the PPP Forgiveness, an "ExtraOrdinary Income" line below the bottom line after Net Income.  Then have a line "Net Income After ExtraOrdinary Non Taxable Income".  What are others looking to do to post the offset to the PPP Loan when it is forgiven and is Non Taxable Income? 

Ryan_M
QuickBooks Team

How do I add a new 'other income' account?

Hi @JayB4,

 

I'll handle this query for you.

 

This specific option you stated above is unavailable in QuickBooks Online (QBO) at this time. I can see how this would help in tracking your PPP loans. With that said, I'll keep what you stated in mind.

 

Open this page for a list of new features that are released each month, along with their short classifications: The QuickBooks Blog. Examples of such features last month are QuickBooks Cash, and the option to backdate paychecks in QuickBooks Online Payroll. 

 

Let me know if you have other questions. Place them below, and I'll be sure to get back to you. 

TMI1230
Level 1

How do I add a new 'other income' account?

Is there extraordinary income  in the 2021 Desktop version to correctly identify the PPP Loan forgiveness?

KlentB
QuickBooks Team

How do I add a new 'other income' account?

Glad to see you in the Community space, TMI1230.

 

I'm here to share some information about the accounts in QuickBooks.

 

The extraordinary income account is currently unavailable in QuickBooks Desktop. I can understand how this can be helpful in tracking your PPP loan forgiveness. Rest assured, I'll take note of your ideas and suggestion to help improve your experience in the program.

 

In the meantime, you'll want to consider using the Other income to identify the forgiven loan. Here's how to set it up:

 

  1. Go to the Lists menu.

  2. Choose Chart of Accounts.
  3. Select New from the Account drop-down menu.
  4. Choose Other Income from theOther Account Types drop-down menu.
  5. Enter the account name and other necessary information.
  6. Click Save and Close.

I'm also adding these articles to help prepare for Paycheck Protection Program loan forgiveness: 

 

If I can be of any additional assistance, please don't hesitate to leave a comment below. Have a safe and productive week ahead.

 

 

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