Income Statement Standard Report

Income Statement Standard Report

Income Statement Standard Report

AccountingSuite’s Income Statement Report (also referred to as the Profit & Loss, or simply P&L) is designed with accounting standards in mind. The report shows how income and expenses are incurred (both operating and non-operating) over a given time period. AccountingSuite includes the ability to toggle between cash and accrual basis, and the report may be run with or without transaction detail.

The Standard version of the report will simply show the data as indicated by the report parameters -- there are no comparatives shown in this version. For more information about the Income Statement Comparative Report, click here

Parameters that can be set for this report include: 
  1. Period -- the dates to be included; several default periods will be available but custom periods can be selected as well
  2. Report Type -- show individual transactions (detail) or hide this info (summary)
  3. Accounting Method -- cash or accrual basis  
  4. Show Columns By -- split columns by class, project, customer, or vendor
  5. Display Period By -- show as one total or split by period
  6. Show Accounts With Zero Balance -- show or hide accounts with $0 balance
  7. Show Inactive Accounts -- show or hide accounts that are marked as inactive in the Chart of Accounts
  8. Account Presentation -- list accounts by code, description, or both
  9. Sort Field -- determines the order of the accounts shown on the report

To create an Income Statement:

  1. Navigate to Reports → Accounting → Income Statement Standard
  2. Select the Period to be used. Other report parameters can be set as described above to determine how the data is presented. 
  3. Click Run Report.
  4. Choose whether to view in Present or Analyze mode.

Income Statement Standard shown in Summary: 

Income Statement Standard shown in Detail: 

Income Statement Report

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