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Income Statement

The income statement (profit & loss) answers: how much did we earn, how much did we spend, and what’s left? Where the Balance Sheet is a snapshot at a date, the income statement covers a stretch of time — a month, a quarter, a year.

Go to General Ledger → Reports → Income Statement (requires the income statement permission).

Building your period columns

Pick a Period Type — Monthly, Quarterly, Yearly (the default), or Custom — then add the periods you want under Custom Periods with Add Period. Each period becomes its own column, so you can put January through June next to each other, compare Q2 2026 against Q2 2025, or line up three full years. Depending on the mode you pick a Month + Year, a Quarter (Q1–Q4) + Year, a Year, or free From/To dates. The delete button removes a period again. Whatever order you add them in, the columns always run from the oldest period on the left to the newest on the right, and the variance dropdown defaults to the newest period against the one before it.

In Custom mode each period is a single date-range field: click it to open the period picker with quick choices on the left (this/last month, this/last quarter, year to date, this/last year, last 12 months) and a two-month calendar on the right. Pick a quick choice to apply it straight away, or click a start and an end day (or type the dates) and press Apply.

Custom periods may overlap, which is how you build a cumulative view: three periods that all start on 1 January and end on 31 January, 28 February and 31 March give you January, January–February and January–March side by side.

Comparing departments or projects

Instead of comparing periods, you can compare parts of your business over a single period: the Department and Project filters accept multiple selections, and picking two or more turns each selection into its own column — each department’s profit & loss side by side for the same quarter, for example. Adding Overall puts an unfiltered total column next to them.

Summed columns — once two or more departments or projects are selected, a Department columns / Project columns row appears with a Separate columns / Summed switch. Summed turns the selection into column 1 (labelled “A + B”) and shows a second input where you pick the departments or projects for column 2 — any number of them, summed together, or Overall for the unfiltered total. The + button adds a further column, the × removes one. With no further columns filled in, the summed selection simply acts as a filter and you can compare periods again — for example the combined result of two projects month by month.

Only one dimension can be compared at a time — periods, departments, or projects. Once you select two of one, the screen shows a Comparing by notice and limits the other dimensions to a single selection.

Accrual or cash

The Accounting Method switch decides when income and expenses count:

  • Accrual — on the invoice date, when the income was earned or the cost incurred. This is the standard view of profitability.
  • Cash — only when money actually moved. An invoice you sent in March but that was paid in May counts in May. Useful when you want the report to follow your bank balance.

You can also filter by Currency and toggle Show Account Numbers and GIFI (regroups by GIFI codes instead of your standard chart — one flat line per code, accounts without a GIFI code summed under No GIFI code). Then Generate Report — periods, accounting method and display options are remembered in your browser for next time.

Reading and working with the report

The report has two sections — Income and Expenses — with Total Income, Total Expenses, and the bottom line, Net Income/(Loss) — shown in green for a profit, in red with a minus sign for a loss.

  • Show Variance / Show Variance (%) add VAR / VAR % columns; a dropdown picks which two period columns to compare — instantly showing where costs grew or revenue dropped between periods.
  • The collapse control (Expand All / Level 1…N) folds the statement to summary headings or opens the full account detail.
  • Print produces a PDF, Export an Excel file.

Every detail amount links to the account ledger for that account and period — if a cost line looks too high, two clicks take you to the invoice that caused it.