Brief Description
The income statement or profit and loss reports on a company's financial performance over a specific accounting period. This report has the ability to create comparative reports.
Use Cases
This report is useful for running periodic financial reports, such as month end or year end.
Finding and Using the Report
- In Actionstep Practice Management, go to Reports > Accounting Reports. (Your menu may show Reports > Accounting Reports > Reports List.)
- In the Financial section, click Income Statement. The report is displayed.
Then, refer to these articles for help generating and saving reports for future use:
Available Filters
- Period: Transactions are included in this report based on the date range selected here. For common periods (such as the last financial year), use the drop-down list next to the date fields to automatically populate the dates.
- Output Columns: This is where you can display comparative periods. See Additional Notes below for more information.
- Level of nested accounts: You would normally set this to the maximum selection of 4. For example, if you were to choose 1, you would only see the header accounts with no details in relation to child accounts. There is a maximum of 4 nested accounts that can be shown in this report.
- Show zero value accounts: Select this option to show income and expense accounts with zero value.
- Show account numbers: Select this option to show the general ledger account numbers.
Report Output
The content in the generated report varies depending on the type and structure of data you select to include in it.
Additional Notes
You can create comparison reports with the income statement (profit and loss) report. For example, you might want to see the last 12 months' profit and loss but you also want to see the differences between each month. To do this, you could choose settings like below, and when this report is generated, you can monitor the changes in profit and loss per month over the last 12 months.
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