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Recording Extra Income, Expenses, Adjustments and Allowances to Coconut
Recording Extra Income, Expenses, Adjustments and Allowances to Coconut

If you have cash expenses, extra income or any allowances you can capture them in Coconut so they are captured in your transactions.

Updated over a week ago

As a self-employed person you may have extra income, expenses and adjustments that will not be captured through your bank feeds connected to Coconut. This will apply to:

  • Extra income (eg. cash income, income to bank accounts you don't have connected to Coconut, income you've collected before you started using Coconut)

  • Cash expenses

  • Mileage Allowance

  • Work from Home Allowance

In order for these figures to be captured correctly for your accountant and for your tax savings suggestion, you need to record them as manual transactions in Coconut.

Manually adding income/expenses and allowances to Coconut

Step 1

In the transactions screen Click on the '+' in the top right hand corner.

Step 2

This will open the 'Add manual adjustment' window where you can record the manual transaction. You will need to decide whether it's a payment in or out, the amount, the category, date and description.

Here's some more detailed guidance:

Extra income

  • Select 'payment in'

  • Select category 'Income'

Cash expenses

  • Select 'payment out'

  • Select category 'Other costs'

Mileage allowance

  • Select 'payment out'

  • Select category 'Fuel'

Work From Home allowance

  • Select 'payment out'

  • Select category 'Rent and workspace'

Step 3

Once you're happy with the entry click 'Create adjustment'. This will add the entry to your transaction list and will be visible in your tax profile summary and on Web in category summary report. These figures will also be taken into account for your tax savings suggestion and for the SA103 report for your accountant.

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