Income statements provide a clear overview of a company's financial performance over a specific period, allowing stakeholders to assess profitability, revenue trends, and expenses. You have the flexibility to generate income statements for individual months, quarters, or the entire year. You also have the ability to compare this information compared to a previous year.
1. Click Menu at the top of the screen
2. Click General Ledger. Click Reports
3. Click the Income Statements tab
Running a Monthly Income Statement:
Monthly income statements provide a snapshot of a company's financial performance trends over specific months. Monthly income statements enable trend analysis by allowing stakeholders to track changes in revenue, expenses, and profitability over time. This can help identify seasonal fluctuations, emerging trends, and areas of concern.
Select Month under Statement By
Select the Year from the Year drop down
Select the account department(s) from the Account Departments drop down
To run the statement, click the Get Statement button
Running a Quarterly Income Statement:
Quarterly income statements cover a three-month period, typically aligned with the company's fiscal quarters (e.g., January to March, April to June, July to September, October to December). One of the primary uses of quarterly income statements is comparative analysis. By comparing financial results from the current quarter with those from previous quarters and the same quarter in prior years, stakeholders can assess trends, identify patterns, and evaluate the company's performance over time.
Select Quarter under Statement By
Select the Year from the Year drop down
Select the account department(s) from the Account Departments drop down
To run the statement, click the Get Statement button
Running a Custom Date Range:
Custom date ranges allow you to tailor the income statement analysis to specific periods of interest, such as a fiscal quarter or a seasonal period. This flexibility enables more targeted and relevant financial analysis. You can compare revenue, expenses, and profitability between consecutive quarters, year-over-year, or against a specific historical period to identify trends, patterns, and changes in performance.
Click Date Range under Statement By
a. Click the Date Range field to select a date range
b. Select a quarter or financial year or create a custom range
c. To create a custom range, click the first date of the range and hover your cursor over the dates you want to include in the statement. This will highlight the dates. Click the last day of the custom range to stop highlighting the selected dates
d. Click Apply
Select year to compare (Optional) using the Compare Years drop down
Select the account department(s) from the Account Departments drop down
To run the statement, click the Get Statement button
Exporting to Excel:
Click the Export button to download the statement to Excel