Use the Average Calculator to prospectively budget income from self-employment. See the steps under Modifying Existing Income for help navigating to the Income Detail page.
In the Income Amounts section, Non-Medical defaults in the Display by Program Type drop-down menu. Click the Add button. The Income Amount Detail page displays.
NOTE: Using the Edit button will change the existing income and not keep a historical record. The Add button must be used to keep accurate income history.
On the Average Calculator, select the appropriate Self-Employment Schedule/Ledger being used for the reported income from the drop-down menu.
Enter the income information from the schedule/ledger in the Total Gross Income field. Click the Add button to enter additional income.
Select the appropriate Self-Employment Schedule/Ledger being used for the reported expenses from the drop-down menu.
Enter the expense information from the schedule/ledger in the Total Expenses field. Click Add to enter additional expenses.
NOTE: Do not put any values in the Income Addition or Expense Exclusion fields.
When the necessary information has been entered from the schedule/ledger, select the Divisor (12 for annual return, 4 for quarterly return, etc.).
Click the Calculate button.
Click the Use button. The calculated income amount populates in the Reported Amount field.
In the Average Hours enter the Weekly Hours. Select the Tab Key on the computer keyboard. The Monthly Hours will display.
NOTE: If the Hours arenot whole enter the decimal value do not use standard rounding logic.
Enter the Begin Date of the first day of the first month the new income should be used in the budget, using the <mm/dd/yyyy> format or the calendar icon.
Select a Verified value from the drop-down menu.
Select the Source for the verification from the drop-down menu.
Click the Save and Return button. The Effective Dating Confirmation List page displays.
NOTE: The Effective Dating Confirmation List page shows any previous record's Begin and End Date, as well as the Begin Date for the new income information. Review the information for accuracy.
If all date information is correct, click the Save button. The Income Detail page displays.
Click the Save and Return button. The Income List page displays.