Statement of Activity (Income Statement)
The Statement of Activity, also called the Income Statement, lists the current totals for all income and expense accounts during a particular time period.
At year-end, the expense accounts are subtracted from the income accounts, which calculate the net profit/loss. The income and expense accounts are then reset to zero for the next year.
The Income Statement can have several columns. Usually, the current monthly totals are in the first column, the year-to-date totals in the second, budget amounts in the third and fourth, and last year's totals in the fifth and sixth columns. Additional columns can show the variance between years or the difference between the budget and current totals.
Accounting Equations and Terms
| Result | Calculation |
|---|---|
| Net Profit/Loss (on Income Statement) | = Total Income - Expenses |
| Assets | = Liabilities + Equity |
Using the Income Statement
On the Transactions tab, click . You can view items related to the Statement of Activity, like the income statement accounts which include income, expense, and net accounts.
By default, the current open month displays. To view a statement for a different date range, enter the dates and click Recalculate. Click Set Options to change the layout of the statement. You can select whether to include dollar signs, print certain things in bold, show master accounts and/or subaccounts, and more. To show open transactions in the report totals, select Include Totals of Transactions Not Posted.
Click an amount to view a list of transactions and details, when applicable. Click a total to view the account name, number, and type. You can export this summary report to Excel or OpenOffice.
Watch & Learn
Learn how to customize the layout of the Statement of Activity, also known as the Income Statement. 4 min 38 sec
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