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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:

  1. Log in to ZipBooks and click on Reports on the left side of your screen.
  2. Click on Income Statement, if you’re not already led there.
  3. 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. 
  4. Click the blue Generate button.

Ta-Daa!  There you have it. If you need to print the report, right click and choose Print.

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