Formula to respond with "income" or "expense"

[MNexcel]

Hello!

I am trying to use a formula in google sheets that is dependent on what is in the debit column, and what is in the credit column, and essentially if any value greater than 0 is in debit, I want it to respond with "Expense", if anything in credit greater than 0, "Income".

Here's a screenshot of the sheet I am using, and below is the current formula I am using but it's only reading off of the first formula written.

=IF(E16>0,"Expense", IF(F16>0,"Income"))

 

[Sergius]

This should work.

=IF(AND($E16>0,$F16=""),"Expense","Income")

 

[MNexcel]

This should work.

It worked, thank you so much @Sergius!