General Ledger > Financial and Ledger Reports

The Income Statement report displays the company’s results of operations for a reporting period. It summarizes the company's revenues, expenses, gains and losses for a specific period or range of periods. The Income Statement is designed to comply with the United States generally accepted accounting principles (US GAAP).

This report has the following uses:

•To aid in assessing the results of the company’s operations as of a certain period for the whole company, department, division, location, cost center or profit center.

•For reference when evaluating various financial ratios.

Notes:

•For a non-profit organization, the Income Statement is replaced with the Revenue and Expense Statement.

•If the IFRS feature is activated for the company, the Income Statement is replaced with the Statement of Comprehensive Income.

To print the Income Statement, follow these steps:

1.Access the Financial Statements group in the Reports menu of the General Ledger module; then, select the Income Statement function.

2.Select the report configuration that you want to use by clicking the List box button beside the Configuration field.

3.Click the List box button next to the Sort By field and select one of the following sorting options:

•Account ID

•Specific segment type such as Account #, Division or Department

Note: If you choose any of the minor segments as a sorting option, AccountMate will automatically enable the lower Sort By field for you to choose another minor segment sorting option. Choices for the second sorting option are limited to the minor segments.

4.In the Layout field, click the List box button and select the desired layout for the report. You can select from the following options:

oSingle Period

Select this option to display an Income Statement report for a single period. If you choose this option, the first Year and Period field in the Filters area will be enabled. You may click the List box button in the field beside the Period field to choose either the Default Period option or the Specific Period option to enter your desired period in the Year and Period field. The Default Period is defined in the General Ledger function.

oPeriod Comparison

Select this option to display an Income Statement that calculates account balance variances between periods. These periods may be assigned to the same fiscal year or be of different fiscal years. Click the Year and Period fields in the Filters area to choose the 2 periods that will be compared in the Income Statement.

oRange of Period

Select this option to display an Income Statement report for a range of periods. These periods should belong to the same fiscal year. Click the Year and Period fields in the Filters area to choose the range of periods in the same fiscal year that will be displayed in the Income Statement.

o2-yr Comparison (YTD)

Select this option to display an Income Statement that calculates the year-to-date balances for the specified period and the same period in the prior year. Click the Year and Period fields in the Filters area to choose the year and period that will be compared with same period in the prior year. For example if the company is using a calendar year as its fiscal year and you choose "2023" and "Nov 2023" as the specific period, the Income Statement will show a comparison of the balances for January through November 2023 and January through November 2022.

o3-yr Comparison (YTD)

Select this option to display an Income Statement that calculates the year-to-date balances for the specified period, the same period in the prior year, and the same period in the historical year immediately prior to the previous year. Click the Year and Period fields in the Filters area to choose the year and period that will be compared with same period in the prior year and the historical year. For example if the company is using a calendar year as its fiscal year and you choose "2023" and "Nov 2023" as the specific period, the Income Statement will show a comparison of the balances for January through November 2023, January through November 2022, and January through November 2021.

Note: If you want to print an Income Statement for a range of 10 periods or more (e.g., from Jan to Oct 2023), be sure that you choose a legal size paper (i.e., 8.5 x 14 inches) in your printer's print settings.

5.In the Type area, select whether you want the report to be displayed in Detail, Subtotal or Grand Total.

6.Mark the applicable checkbox in the Report Header area if you want to Include Time or Include Printed By in the report header.

7.In the Report Configuration area, define the desired report filters. Depending on the Sort By option you selected, you may mark the Individual checkbox if you want to generate the report for a single record and enter the appropriate value in the adjacent field; otherwise, select in the Filters area the desired criteria in generating the report.

Note: The available fields in the Filters area may vary when you select different sorting options.

8.Choose one of the following options:

oCombined

Select this option if you want the report to display individual GL Account ID balances assigned to all selected segments.

oCons. Group

Select this option if you want the report to display a total balance for each similar account group regardless of segments. This option will only be enabled if you choose a minor segment value such as Department or Division as your sorting option.

oCons. Segment

This option will only be enabled if you choose a major segment value such as Account # as your sorting option. Select this option if you want the report to display a total balance for each account number or major segment.

oIndividual

This option will only be enabled if you choose a minor segment value such as Division or Department as your sorting option. Select this option if you want the system to generate a separate Income Statement for each minor segment you defined.

Note: If you select the Individual option and unmark the Generate Report for All Segments option, when you click the Preview button in the Report toolbar, AccountMate will display a message requesting your confirmation to generate the next minor segment depending on the defined sorting option.

9.Choose one from among the following options:

oPTD

Select this option if you want the report to display the revenue and expense balances of each period you define in the date range.

oYTD

Select this option if you want the report to display the recorded revenue and expense balances from the beginning of the fiscal year to the end date of your desired period.

oPTD and YTD

This option is enabled if you choose the Single Period option. Select this option if you want the report to display revenue and expense balances on your desired period and the accumulated balances of these revenues and expenses from the beginning of the fiscal year to the end date of your desired period.

oRTD

This option is enabled if you choose the Range of Period option. Select this option if you want the report to display the accumulated revenue and expense balances for the specified period range within a fiscal year.

10.Choose the desired sequence in which the non-IFRS account categories will be shown in the Income from Continuing Operations section:

oMultiple Step Format

This is the most commonly used format. If you choose this option, the Income Statement presents the "Other Revenues" and "Other Costs and Expenses" immediately after "Expese 1, 2 & 3." Using this format the revenues and expenses coming from business activities are first presented to arrive at the operating income or loss. Other revenues and expenses from non-business activities are then included in the calculation to arrive at the income or loss from continuing operations.

oSingle Step Format

This format is used less frequently. If you choose this option, the Income Statement first presents all the revenues from both business and non-business activities and then followed by all the costs and expenses from both business and non-business activities to arrive at the income or loss from continuing operations.

11.Choose the desired statement approach:

oOne Statement Approach

This is the most commonly used format. If you choose this approach, the Income Statement presents the Other Comprehensive Income account categories immediately after the Net Income.

oTwo Statement Approach

This is the less used format. If you choose this option, the Other Comprehensive Income account categories appear in a separate report page with a different report caption. The first report will stop at Net Income while the second report will start with Net Income before presenting the Other Comprehensive Income account categories.

12.Choose one of the following options:

oBalance & Percentage

Select this option if you want the report to display the balances and the corresponding percentage of each balance in relation to the total revenue amount.

oBalance Only

Select this option if you want the report to display the balance amount only.

oPercentage Only

Select this option if you want the report to display the percentage of the balances in relation to the total revenue amount only.

13.Click the List box button in the Rounding Level field, and choose whether you want to present in the report the amounts down to the decimal or rounded off to whole numbers, in hundreds, in ten thousands, in hundred thousands, or in millions.

14.Mark any of the following check boxes:

oShow Account ID

This option is enabled if you choose the Detail option in the Type area. Mark this checkbox if you want the report to display the GL Account IDs for each GL account.

oInclude Zero Balance Accounts

This option is enabled if you choose the Detail or Subtotal option in the Type area. Mark this checkbox if you want the report to display accounts with zero balances.

oShow Decimals

Mark this checkbox if you want the report to display the decimal values for each amount displayed in the report.

oInclude [xxx] with No Activity

This option is enabled if you choose the Individual option. Mark this checkbox if you want the report to display accounts with zero balances.

oGenerate Report for All Segments

This option is enabled if you choose the Individual option. Mark this checkbox if you want to generate separate reports for each minor segment (depending upon the sorting option chosen) consolidated into a single report file.

15.Click the Preview or Print button to preview or print the report. Click the Configure tab to return to the report configuration page.

Drill-Down Capability

When you choose to run your Income Statement selecting the Detail Type option and Single Period option, AccountMate allows you to drill down on GL account balance details in the following order:

1.Income Statement

To view the journal entries that compose a certain transaction amount in the Income Statement, click an amount in colored font. AccountMate will display the corresponding General Ledger Listing report.

You can also drill down on the GL Account ID in colored font to display the Chart of Accounts Maintenance, which provides detailed information about the GL Account ID.

2.General Ledger Listing

This report shows all the detailed debit and credit transaction amounts that were posted to your General Ledger accounts during a certain period. It also shows the running balance per transaction entry and ending balance. These transactions may come from the General Ledger module or they may have been transferred from other subsidiary modules.

To trace and review the posted journal entry batch for any desired debit or credit amount, click any amount in colored font. AccountMate will display the corresponding Posted Journal Entries Report.

3.Posted Journal Entries Report

This report shows by batch, the details of journal entries that have been posted to the General Ledger from the subsidiary modules and from journal entries posted in the GL module. When accessed from the General Ledger Listing, only batch numbers that contain details about the amount from which the drill down was initiated will be displayed.

To view the source transaction information for each of the journal entries, click any Transaction or Description value in colored font. The source transaction report depends on the module transaction.

The Income Statement function also provides you with flexibility to perform the following: