Income Statements General Accounting>Reports

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Overview

The Income Statement is also called a Profit and Loss Statement (P&L). The purpose of the Income Statement is to show managers and investors whether the company made or lost money during the reported period. Income Statements represent a period of time, whereas the Balance Sheet represents a single moment in time.

 

 

Key Concepts

•This report is not designed via the Financial Statement Designer. More on the Financial Statement Designer
•This report is not designed via the Financial Statement Designer. More on the Financial Statement Designer
•The Income Statement Report is classified as Report Management report, therefore reside at Utilities>Report Management.
•Access to these reports are granted through Permission, they are granted on the User/Group Permissions Tab. More on Permissions
•You are unable to modify the Original version of a report, however, you are able to copy a report and modify it. More on Customizing a Report Management Report
•There is a Help Center article that discusses a scenario when there is a "Variance in totals between the Balance Sheet and the Income Statement". To view that article, follow this link: More on Variance Between Balance Sheet and Income Statement