Direct income

Direct Income tab is used to monitor the income generated by the project actions or by cash from advance payment. Income can be generated, for example, by placing cash on interest-bearing deposits or other bank deposits. It is also possible to sell goods and services offered by the project during its implementation, eg biomass. So the tab is used to monitor the direct income from the project and not the indirect result of its implementation, for example, the reduction of the Beneficiary’s costs.

Of course, income is treated as part of the EC grant, which in consequence reduces the amount of funds that the EC final will grant to the project. This reduction is by exactly the amount of the declared income.

As a rule, nature projects do not assume or generate income, but you can not avoid such possibility or eventuality.

If such direct income occurs, it should be shown in the Direct Income tab:

  • Currency – non-editable field. Currency settings can be changed using the button in the upper right hand corner of the window
  • Beneficiary – please select from the drop down list the entity that generated the income and on whose account the income was posted
  • Description – briefly describe the way of earning income (source, form, etc.)
  • Paid on – enter the date of posting in the beneficiary’s income account
  • Amount – Please provide the amount of generated income to the two decimal places in the currency in which it was posted.