The income statement in QuickBooks is also known as the Profit and Loss Statement. When there is any matter about a profit or loss statement which either can be positive or can be negative. Understand this term like, if you are a seller of your shop and the product and you charge a customer for any product. You will see the positive points for the seller or in case you sold the product at a discount to the customer then, you will see the negative points for the seller. QuickBooks assists you to update about the critical project of your organization. The income statement is used to calculate the profits by comparing income and expenses balance sheets. In this article, we are going to study the QuickBooks Income Statement.
QuickBooks Accounting Software provides an income statement in just a few minutes. Because QuickBooks have all records of your accounting data. And it also tracks and organizes it so that it can easily provide the income statement report to see where the business company lies.
How can you create a QuickBooks Income Statement?
Step 1: Browse the Income Statement in different QuickBooks version
It varies on versions of QuickBooks.
QuickBooks Online Accountant:
- In QuickBooks Online Accountant, click on the search bar on the top-right corner of the screen.
- Enter Profit & Loss in the search bar.
- QuickBooks will display all the reports related to this title in the dropdown box.
- Select the format you desire.
- Then, QuickBooks will automatically generate the report for you.
If you don’t have this version then, QuickBooks Online will provide the report you need.
- Firstly, press the Report button on the left side of the screen.
- And, search the list for “Profit & Loss” or “Income Statement”.
- Also, you type Profit & Loss in the search bar at the top of the Report Screen.
- And, select the suitable format of profit and loss for you to see the report.
QuickBooks Pro, Premier, or Enterprise Solution, or QuickBooks Desktop
There are different ways to locate the income statement in these QuickBooks versions.
- Firstly, at the top of the Home Screen, press the ‘Insight’ button.
- If you are selected to see the Profit & Loss report on the screen, then you can view it on your dashboard.
- And, you can customize your report and see the information in graph form from the dashboard.
- Click on the Report button on the toolbar at the top of the screen.
- Then, you can easily generate a more established QuickBooks Income Statement.
- Search the list of “Company & Financial”, and then click on Profit & Loss Format which you need.
Step 2: Select the Income Statement Report Format
So, for the QuickBooks Income Statement, you will have options of several different report format options. The reason for creating the income statement will depend on which is the best for you to use.
It can be for management purposes. Maybe you are more concerned about the Profit & Loss by customer or Profit and Loss as a percentage of total income formats.
And, it can be the Tax Purpose, a standard profit and loss statement will do.
Or, it can be a business loan application, decide with your loan officer which format they suggest to you.
Step 3: Customize the Income Statement
When you decide the format of your income statement then, you get the choice to customize it in the future. And, QuickBooks will easily customize the income statement. You can easily opt between cash and accrual basis. And, also control the date range of the report and select which column you want to show on the report.
Step 4: Generate the Income Statement in QuickBooks
When you have done customizations of the income statement then, run the report.
QuickBooks Desktop: When you customize it, the report will automatically refresh. If you want, you can click on the refresh button at the top-right corner of the profit and loss statement to ensure that customization updated the reports automatically.
QuickBooks Online: At the top-right corner of the income statement, click on “Run Report” button to generate the report as per your customization.
Step 5: Save, Print, and Mail the QuickBooks Income Statement
Save the Income Statement
After the customization and run the income statement. You need to save your customization because you might need it in the future.
QuickBooks Online: By clicking on the “Save” button at the top-right corner of the income statement. And, give a particular name to the report and describe who can access it.
QuickBooks Desktop: By clicking on the “Save” button at the top-right corner of the income statement. And, give a particular name to the report and describe who can access it.
Print or Export the Income Statement
QuickBooks Online: You can easily print it by clicking on the print icon at the top of the profit & loss statement and you can also send your report to the particular printer of your choice in QuickBooks Online. Also, you click on the document icon beside the printer icon for exporting your report to PDF or Excel. And, if you want to save your report in the hard drive then it also can be done easily.
QuickBooks Desktop: You can easily print it by clicking on the print icon at the top of the profit and loss statement in QuickBooks Desktop. And, for exporting the document there is a button of Excel for exporting your customized report to excel.
Mailing the Income Statement
You can mail your report as PDF or Excel attached with your mail to the accountant, to loan manager, to the financial advisor, or easily direct send it in the QuickBooks
QuickBooks Online: Press the Envelope icon above of the report option. A prompt will show you at the screen for email report, print report, or save it as PDF. You can give a mail address to CC filed for sending the report to a particular person.
QuickBooks Desktop: Press the Envelope icon above of the report option. A prompt will show you to customize your message.
With this blog, you can easily create your QuickBooks Income Statement. If you have any issues you contact QuickBooks ProAdvisor by dialing the toll-free number +1-844-519-0042. Setting up the customized report might take a long time. And depends on which version you are using either it is QuickBooks Online or QuickBooks Desktop.