|NESFA® Treasury Procedures – Table of Contents||Last updated 02-Apr-2013.|
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.)Here is an Income Form you can print.