How do I work out how much I earned from fees for a year
Most practitioners need have professional indemnity insurance and in order to calculate the premium your insurer needs to know how much money you earnt from fees. How do I calculate this?
The best way to calculate this is to use the Cash Profit and Loss report.
The Cash P&L will go through each receipt for the period and then inspect the invoice(s) that it was paying off and then allocate the monies from the receipt into the income accounts that were used when the invoice was created.
As such you will be able to see how much money was effectively earnt in each income account and then you can add up the income accounts that relate to fees which will give you a total that can be used to calculate your insurance premium.
If you have setup separate income accounts for different matter classes then you may need to add up a number of income accounts to get the overall total.
Note: This will only work if you have configured your account settings to allocate disbursement and sundry income to separate accounts from the fee income accounts.