What is an income statement and how do I create one?
An Income Statement is one of the major financial statements you’ll produce to report the condition of your business. It’s a report that you’ll use for lots of different reasons, like when you go to get a loan, when you’re trying to find investors, or when you’re filing your taxes.
The Income Statement is important because it shows how profitable a business is during a certain time period. It pulls in anything you specified as revenue in your ZipBooks account, and any expenses you incurred, and, as a result, shows whether you have a profit (you made more than you spent) or a loss (you spent more than you made).
To generate your income statement:
- Log in to ZipBooks and click on Reports on the left side of your screen.
- Click on Income Statement, if you’re not already led there.
- Enter the Start and End Dates you’d like the report to reflect; choose Monthly, Yearly, or All-time; and click Accrual or Cash basis.
- Click the blue Generate button.
Ta-Daa! There you have it. If you need to print the report, right click and choose Print.