Preparing an Income Statement

The income statement, also known as the Profit & Loss Statement, shows all revenue and expenses for a designated period of time. The income statement is one of the reports you are expected to present to shareholders and to potential lenders who need to understand how your company is performing. You won't see individual transactions on this report, but you can drill down with a couple of mouse clicks to see the detail that supports each amount on this report.

Select Company & Financial from the Reports menu.

Select Profit & Loss Standard from the side menu.

Click the Dates drop-down arrow to select a time period for this report.

Alternatively, enter a specific range of dates.

Click the Export button and then select A New Excel Workbook to transfer the report to Excel. For example, you might want to run some what-if scenarios or manipulate the numbers in ways not available in QuickBooks.

Did You Know?

Accounts of the same type appear alphabetically. You can change the order of accounts by rearranging them in the Chart of Accounts or by preparing the report using account numbers, in which case accounts appear numerically by type.