#Income Statement

The income statement (profit & loss) shows your organization's financial performance over a period.

#Accessing the Report

Go to Finance → Reports → Income Statement

#Reading the Report

#Income Section

Lists all income accounts with their credit balances:

• Sales Revenue
• Service Income
• Interest Income
• Other Income

Total Income = Sum of all income

#Expenses Section

Lists all expense accounts with their debit balances:

• Salaries & Wages
• Rent
• Utilities
• Supplies
• Other Expenses

Total Expenses = Sum of all expenses

#Net Result

Net Income = Total Income − Total Expenses

#Filtering

Select a Fiscal Year to view the income statement for that period.

#When to Use

Review the income statement:

• Monthly to track performance
• Quarterly for management review
• Annually for year-end reporting
• When making financial decisions