Income Statement Overview
The Income Statement compares Revenue and Expense accounts for a specific period. The report shows the difference between Total Revenue and Total Expenses as Net Income. Profit and Loss or P&L is another name for the Income Statement.
Take the following steps to run the Income Statement:
- Click G/L and select Statements... to open the Statements window.
Note: Run the report for a specific calendar month to improve the report's accuracy. Click Use Previous to run the report for the same dates as the last statement you ran. Click Default to run the report for the next open period.
- Click to check the Income Statement box under the Statement Selection options.
Note: Click to uncheck the General Ledger, Trial Balance, and Balance Sheet boxes if you only want to run the Income Statement.
- Enter an Income Statement template name in the Template box.
- Select Range from the G/L Account Selections box.
- Select First Current Asset from the Start drop-down list.
- Select Last Expense from the End drop-down list.
- Enter the period start and end dates in the Current Report Period date boxes.
- Select Output options.
- Use the Other Tab to select additional report options.
- Click OK to generate the report.
Note: Click Yes if you get the Do you want to re-read G/L information? prompt.