An income source represents a self employment business or UK property that a Solo client needs to report to HMRC. A client can have multiple income sources. Each has its own accounting settings, and transactions in Costs, Sales, and Bank can be assigned to it for categorisation and reporting.
Add an income source
To add an income source, go to Business settings > Lists > Income sources and select Add income source.
Fill in the following fields:
Name - a label for the income source, such as the business name or property address.
Business type - select Self Employment for sole trader income, or UK property for rental income. This can't be changed after the income source is created.
Accounting method - Accruals records transactions when invoiced, regardless of when payment is made. Cash accounting records them when payment is received or made.
Quarterly period type - select Standard (fiscal) or Calendar depending on the client's reporting periods. See Calendar or standard quarters for non-HMRC-connected clients for guidance on which to choose.
When ready, select Create.
Edit or delete an income source
To edit or delete an income source, select Manage next to it in the list and choose Edit or Delete.
In the edit modal, you can update the name, accounting method, quarterly period type, and active status. Business type can't be changed.
The Active toggle controls whether the income source appears as an option when assigning transactions in the workspaces. An income source must be active for items to be coded to it.
Note: You can't deactivate or delete an income source if it's the only one on the account. Add a second income source to proceed.
UK property income sources and rental properties
Adding a UK property income source also enables the Rental properties section in Business settings. This is where you add individual properties, set ownership periods, and manage co-owners for jointly let properties.
See How to add and manage rental properties in Dext Solo for details.