Member has cancelled their Insurance policy. Refund was paid back into the Fund. I would like to do a journal entry as below:
Dr Cash at bank $$$
Cr Other Income $$$
To resolve this issue:
Step 1: Add a new Income Expense Type
Add a new Income Expense Type
Navigate to Business Level > Settings > Fund Income
- Select Fund Income to Category Type
- Create a new Income Expense Type
Select the correct Tax Return Categorisation to reflect the income for tax purposes.
Create the Business event
Navigate to Fund Level > Transactions > Fund Income > Fund General Income
- Select the New Income Expense Type from Income Type drop-down list
- Click on "override" next to "Allocate to" and select the relevant member.