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VIEW GENERAL LEDGER REPORTS
VIEW INCOME STATEMENT
  
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:
  1. Sequence - select to display the accounts according to the Account Groups 1 or 2.

     

  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.

  3. Periods - The Accounting Periods for a Financial Year using This Year or Last Year Search or lookup facility.

  4. 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.

  5. Select to view Last Year balances or Budget figures and to show the variance.

  6. Select to display decimals for the balances listed.
The following is an example of an Income Statement generated for the current financial year (This Year) with Budget figures as comparative figures:

Name of the business. System date and time. Name of the report. Range of the selected Accounting periods. Account number and name. List of Income and Expense account balances as updated with transactions in This Year accounting periods. Budget figures for the Income and Expense accounts as entered/edited in the Edit - Budget menu option. Variance is the difference between the balances in This Year and the Budget figures. Income Accounts (number and name). Total of the transactions posted to the Income accounts in the selected Accounting periods for This Year. Budget figures entered/edited for the Income accounts in the selected Accounting periods. Total of the Income Account balances. Expense Accounts (number and name). Total of the transactions posted to the Expense accounts in the selected Accounting periods for This Year. Total of the Budget figures entered/edited for the Expense accounts in the selected Accounting periods. Total of the Expense Account balances. Net Profit/(Loss) is the Income less the Expense Account balances. A Credit figure is a Net Profit and a Debit figure is a Net Loss. Page number.

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:
  1. 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.

  2. 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.

  3. 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.

  4. 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.

At the bottom of each This Year, Budget and Last Year the Net Profit figure will be displayed. This figure is the displayed if the Income Account balances are more than the Expense Account balances. Should the Expense Account balances exceed the Income Account balances, the Net Profit description will be displayed as Net Loss.

If you have selected Last Year - The income and Expense account balances will only be listed if the financial year is closed in the Tools - Global Processes - Do Year-end menu option or if any transactions in batches or documents have been posted to Last Year. This will allow you to compare This Year's actual income and expense figures with that of the same accounting periods in the previous (Last Year) figures.

The amounts which are displayed in <> indicates a credit or negative figure. You may change this negative amount indicator to a minus sign (-) to prefix your amounts or set it to display a D (for Debit) or a C (for Credit) in the Setup - Preferences - Data Parameters menu option.