An Income Statement, or profit and loss account, is one of the financial statements and shows the Company’s revenues and expenses during a particular period. It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the “top line”) are transformed into the net income (the result after all revenues and expenses have been accounted for, also known as “net profit” or the “bottom line”).

The purpose of the Income Statement is to show managers and investors whether the company made or lost money during the period being reported. One important thing to remember about an income statement is that it represents a period of time like the cash flow statement. This contrasts with the balance sheet, which represents a single moment in time.

Discover Income Statement

• Get Started
• Income Statement Interface

Get Started

The Income Statement module is a fixed module that needs to be added to the Main Menu or/and to the Tile menu using Main Menu > Setup > Menu Manager.

User Access needs to be granted in Main Menu > Setup > Settings > Users > Accounting > Income Statement - Access Allowed.

Income Statement Interface

Navigation

Main Menu > Accounting > Income Statement > View

1. Report - This allows you to select which Entity you wish to view an Income Statement for.
2. Set - This allows you to set the period for the Income Statement, by Day, Week, Month, a Financial Year, or a user-specified period.
3. Show all check box - This shows all the Accounts, whether they have had movement or not.
4. Data grid - This shows Income, Expenses, Profit, and Nett Profit and Loss for the time period specified, and their overall Totals.
5. Graph - This is a visual representation of the data.