taken from the
The Income Statement is an Income and Expenses Report, which
lists the debit and credit balances in the general ledger (only Income and
Expense accounts) for a selected period. The balancing figure is the Net Profit
or Loss. A Net Profit is displayed when the Income account balances are
more than the Expense account balances. A Net Loss is displayed when the Expense
account balances are more than the Income account balances.
The Income and Expense account balances will include posted Batches (Journals), updated documents (Invoices, Credit Notes, Purchase or Goods Received Notes and Stock or Goods Returned documents) and Point-of-Sales Invoices for which the Shift is closed. Any Unposted Batches and Documents will be excluded from the Income Statement.
The Income Statement is generated in the Income Statement Options screen on which the following selections will determine the format and the information included in the Income Statement:
The Income Statement will first list the Income accounts which is linked to the Income Financial Category and then the Expense Accounts which is linked to the Expenses Financial Category in the Setup - System Parameters - Financial Categories menu option. You may also select to print the Expenses before Income on the Financial Categories screen. The information on the Income Statement is displayed in 4 columns and is as follows:
The Income and Expense account balances will include posted Batches (Journals), updated documents (Invoices, Credit Notes, Purchase or Goods Received Notes and Stock or Goods Returned documents) and Point-of-Sales Invoices for which the Shift is closed. Any Unposted Batches and Documents will be excluded from the Income Statement.
The Income Statement is generated in the Income Statement Options screen on which the following selections will determine the format and the information included in the Income Statement:
-
Sequence - select to display the accounts according to the
Account Groups 1 or 2.
-
Select to display sub-accounts or only the main accounts - if
the sub accounts is not selected, the balances for the sub accounts will be
summarised and listed for the main accounts.
-
Periods - The Accounting Periods for a Financial Year using
This Year or Last Year Search or lookup
facility.
-
Select to include zero balances - this will list the Income
and Expense accounts on the chart of accounts and will display balances for
only those accounts with balances.
-
Select to view Last Year balances or Budget figures and to
show the variance.
- Select to display decimals for the balances listed.
The Income Statement will first list the Income accounts which is linked to the Income Financial Category and then the Expense Accounts which is linked to the Expenses Financial Category in the Setup - System Parameters - Financial Categories menu option. You may also select to print the Expenses before Income on the Financial Categories screen. The information on the Income Statement is displayed in 4 columns and is as follows:
-
Account Number Description - The Income accounts numbers and
the name of the accounts will be listed and a total for the Income accounts.
The Expense accounts numbers and the name of the accounts will be listed and a
total for the Expense Accounts.
-
This Year - The Income account balances will usually be
listed as Credit balances and the Expense account will usually be listed as
Debit balances. These account balances include the transactions in posted
batches and journals and updated documents only.
-
Budget - These figures will only be listed for those accounts
for which budget figures have been entered in the Edit -
Budgets menu option. If the Show Last Year
option is selected, the heading will reflect Last Year and the transaction
figures for the Previous financial year will be displayed.
-
Variance - This is the amount of This Years figure less the
Amount of the Budget figure or Last Year, depending if you have selected to
view the Budget or Last Year figures as comparative figures.
