How do I attach an accrued income item to a producing asset?
If the accrued income is includible in the initial inventory:
- Choose Accounts menu > Initial/Supplemental Inventory.
- In the Account Category selection box, choose Accrued Income Receivable.
- In the Asset Accounts selection box, choose Create New Account.
- Select the Producing Asset Category and Name for the asset that produced this accrued income.
- Type the amount of accrued income in the Income Amount and/or Principal Amount fields.
- Click Done.
If the accrued income is acquired after the inventory date, you can create an accrued income account in Cash Disbursements:
- In the Classify As … selection box, select Asset Purchased.
- In the Asset Purchased Category selection box, choose Accrued Income Receivable.
- In the Asset Purchased Name selection box, choose Create New Account.
- The Add New Account dialog will appear.
- Type a name for the new accrued income account in the Account Name field.
- Edit the Account Description field as needed.
- Select the Producing Asset Category and Account for the asset that produced this accrued income.
- Click OK to accept, or Cancel to disregard the changes. The Add New Account dialog will close.
- Type the amount of accrued income in the Amount (Debit) field.
- Complete other fields as required.
- Click Accept.
Click Done.