General 82: Miscellaneous Income
Posted on 27 June 2017 by education.finance
We would like to start looking at clearing the miscellaneous income (9389) and expenditure (4901) ledger codes, with a view to pro-actively clear the codes during the year – potentially saving us all from more work at Year End. A lot of schools are already clearing 9389 and 4901 themselves, however, some still have a lot of transactions frequently being posted to 9389 and are often transactions from online voucher schemes. Did you know you can set up accounts with these providers to enable your income to be credited to the correct ledger code rather than 9389? If you log on to the online system, you can add multiple ledger codes in the reference field – within the bank details screen. You can also contact your provider and tell them you wish to set up multiple ledger codes under the one bank account. This information will then feed through to Revenue who can correctly allocate your income.
If you’d like some assistance or guidance on how to keep on top of miscellaneous income, please email email@example.com.
Finally, if you know you will be receiving income from an external body e.g. a university, email firstname.lastname@example.org with the following details:
– Amount you’re expecting
– Who the credit is coming from
– When you’re expecting to receive it
– What code you would like credited.