{"id":654,"date":"2013-10-04T10:47:25","date_gmt":"2013-10-04T14:47:25","guid":{"rendered":"http:\/\/carleton.ca\/facts\/?page_id=654"},"modified":"2025-04-17T11:54:18","modified_gmt":"2025-04-17T15:54:18","slug":"income","status":"publish","type":"page","link":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/","title":{"rendered":"Income"},"content":{"rendered":"<h3>What is it?<\/h3>\n<p>Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or delivery of the goods.\u00a0 Revenue is unearned or deferred when the performance of the service has not taken place or when the goods have not been delivered.<\/p>\n<h3>Why is this important?<\/h3>\n<p>For the University, income would include:<\/p>\n<ul>\n<li>tuition and grant income,<\/li>\n<li>sale of goods or services to external parties,<\/li>\n<li>donation income, and<\/li>\n<li>investment earnings.<\/li>\n<\/ul>\n<p>Income or revenues in the 杏吧原创 <a href=\"http:\/\/carleton.ca\/facts\/chart-accounts\/\" target=\"_blank\" rel=\"noopener noreferrer\">chart of accounts (COA)<\/a> are recorded to account codes that start with 5.\u00a0\u00a0 All unearned <a href=\"http:\/\/carleton.ca\/facts\/revenue\/%20\" target=\"_blank\" rel=\"noopener noreferrer\">revenue<\/a> is a <a href=\"http:\/\/carleton.ca\/facts\/liability\/%20\" target=\"_blank\" rel=\"noopener noreferrer\">liability<\/a> on the <a href=\"http:\/\/carleton.ca\/facts\/balance-sheet\/%20\" target=\"_blank\" rel=\"noopener noreferrer\">balance sheet<\/a> until the services or goods are delivered.<\/p>\n<p>Technically, income cannot be generated by providing services or sales to internal departments or units of the University. There is no generation of new assets (e.g. cash) to the overall University and therefore internal sales\/services must not be recorded as external income (e.g. using income\/revenue account codes that start with 5) but as an internal recovery account (starting with 7).<\/p>\n<h3>Where do I find more information?<\/h3>\n<p>For further information contact <a href=\"m&#97;&#x69;&#x6c;&#x74;o&#58;&#x63;&#x6f;&#x6e;t&#114;&#x6f;&#x6c;&#x6c;e&#114;&#x73;&#x6f;&#x66;f&#105;&#x63;&#x65;&#x40;c&#97;&#x72;&#x6c;&#x65;t&#111;&#x6e;&#x2e;&#x63;a\">the Controller&#8217;s Office.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is it? Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or delivery of the goods.\u00a0 Revenue is unearned or deferred when the performance of the service has not taken place or when the goods have not been delivered. Why is this [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":68,"menu_order":120,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income - Financial Administration Community Training &amp; Solutions<\/title>\n<meta name=\"description\" content=\"What is it? Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/\",\"url\":\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/\",\"name\":\"Income - Financial Administration Community Training &amp; Solutions\",\"isPartOf\":{\"@id\":\"https:\/\/carleton.ca\/facts\/#website\"},\"datePublished\":\"2013-10-04T14:47:25+00:00\",\"dateModified\":\"2025-04-17T15:54:18+00:00\",\"description\":\"What is it? Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or\",\"breadcrumb\":{\"@id\":\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/carleton.ca\/facts\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Glossary\",\"item\":\"https:\/\/carleton.ca\/facts\/glossary\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"I\",\"item\":\"https:\/\/carleton.ca\/facts\/glossary\/i\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Income\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/carleton.ca\/facts\/#website\",\"url\":\"https:\/\/carleton.ca\/facts\/\",\"name\":\"Financial Administration Community Training &amp; Solutions\",\"description\":\"杏吧原创 University\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/carleton.ca\/facts\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Income - Financial Administration Community Training &amp; Solutions","description":"What is it? Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/","url":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/","name":"Income - Financial Administration Community Training &amp; Solutions","isPartOf":{"@id":"https:\/\/carleton.ca\/facts\/#website"},"datePublished":"2013-10-04T14:47:25+00:00","dateModified":"2025-04-17T15:54:18+00:00","description":"What is it? Income, also known as revenue, is the generation of assets through business activities. \u00a0Revenue is earned upon performance of the service or","breadcrumb":{"@id":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/carleton.ca\/facts\/glossary\/i\/income\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/carleton.ca\/facts\/glossary\/i\/income\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/carleton.ca\/facts\/"},{"@type":"ListItem","position":2,"name":"Glossary","item":"https:\/\/carleton.ca\/facts\/glossary\/"},{"@type":"ListItem","position":3,"name":"I","item":"https:\/\/carleton.ca\/facts\/glossary\/i\/"},{"@type":"ListItem","position":4,"name":"Income"}]},{"@type":"WebSite","@id":"https:\/\/carleton.ca\/facts\/#website","url":"https:\/\/carleton.ca\/facts\/","name":"Financial Administration Community Training &amp; Solutions","description":"杏吧原创 University","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/carleton.ca\/facts\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"acf":{"banner_image_type":"none","banner_button":"no"},"_links":{"self":[{"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/pages\/654"}],"collection":[{"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/comments?post=654"}],"version-history":[{"count":4,"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/pages\/654\/revisions"}],"predecessor-version":[{"id":8744,"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/pages\/654\/revisions\/8744"}],"up":[{"embeddable":true,"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/pages\/68"}],"wp:attachment":[{"href":"https:\/\/carleton.ca\/facts\/wp-json\/wp\/v2\/media?parent=654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}