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Hi there, sidia-buildbycon.
Can you tell me more about your concerns? Were you trying to categorize transactions on the correct categorization?
I'll be keeping an eye on your response. Keep safe!
hi, I just want to understand why it list this as -290 net other income?
Allow me to share with you some information about these accounting terms, sidia-buildbycon.
Net Income is your income after all eligible business expenses. Net income goes even further than net gross margin because you deduct all other expenses, including overhead and taxes.
At this time, I would recommend contacting your accountant to discuss more your accounting books and your financial reports.
I'm also adding these link for your additional resources:
Let me know if you have additional questions. We're always around here to help. Stay safe!
It's showing -$290 in 'Other Income' because this expense is set up an '"Other" expense and you have no 'Other Income' to offset it. "Other" income and expenses are intended to be used for income and expenses from sources other than the normal operations of the business, i.e. investment income/expenses. If vehicle expenses are part of the normal operations of the business, they should be set up as 'Expense' accounts, not 'Other Expense' accounts.
thank you so much! Solved it.
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