I am self-employed and run a business. Some of the income generated is interest income and some is regular income. For the purposes of accounting, is it ok for me to lump it all together into one big “income account” in Quickbooks?
It’s not easy to separate the two out. Sometimes I get one check that includes amounts for both regular and interest income. Separating the two would be a major headache, so I’d rather not if I don’t have to do that.
Since both types get taxes at the same rate, I figure I’ll just lump them together and call it all regular income. Is that okay?
Interest Income Vs. Regular Income – Accounting Help Please?
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