Recording Income

Track all your business revenue accurately for tax compliance and financial clarity.

Overview

Recording income in ProcessX helps you:

Calculate your taxable income accurately
Generate profit & loss reports
Track revenue trends over time
Prepare for SARS submissions

Adding Income

Step 1: Navigate to Income

From your dashboard, click Income in the sidebar or navigation menu.

Step 2: Click "Add Income"

Click the Add Income button to open the income form.

Step 3: Enter Income Details

Field	Description	Example
Description	What the income is for	"Website development for ABC Company"
Amount	Total amount received	R 15,000.00
Date	Date you received payment	20 March 2025
Category	Type of income	"Professional Services"
Client	Who paid you (optional)	"ABC Company"

Step 4: VAT Handling

If you're VAT registered:

Toggle VAT Inclusive if the amount includes VAT
ProcessX automatically calculates the VAT portion
VAT exclusive amount and VAT amount are shown separately

Step 5: Save

Click Save Income to record the entry.

Income Categories

Choose the category that best describes your income source:

Professional Services: Consulting, freelance work
Product Sales: Physical goods sold
Digital Products: Software, downloads, courses
Rental Income: Property or equipment rental
Commissions: Sales commissions, affiliate income
Interest: Bank interest, investments
Other Income: Any other business revenue

Best Practices

Record All Income

For SARS compliance, record ALL business income:

Cash payments
Bank transfers
Card payments
Barter/trade value

Match with Bank Statements

Regularly reconcile your recorded income with bank deposits to ensure nothing is missed.

Track by Client

Recording the client name helps you:

See which clients generate most revenue
Follow up on outstanding payments
Generate client-specific reports

Income vs Invoices

ProcessX records income when you receive payment, not when you issue an invoice. This is called "cash basis" accounting, which is standard for most South African small businesses and sole proprietors.

Gross vs Net Income

Record your gross income (total amount received). ProcessX calculates:

VAT (if applicable)
Taxable income (after deducting expenses)
Estimated tax liability

Last updated: March 2025