Income statement

The income statement (also called a profit and loss statement, or P&L) shows your revenue and expenses over a specific period, resulting in your net income or loss.

Accessing the income statement

Navigate to Reports > Income Statement. The report defaults to the current accounting period.

How to read the report

The income statement is structured from top to bottom:

Revenue

All income earned during the period:

• Sales of goods and services
• Interest income
• Other operating income

Expenses

All costs incurred during the period:

• Cost of goods sold
• Operating expenses (rent, salaries, utilities, etc.)
• Administrative expenses
• Financial expenses (bank fees, interest paid)

Net income

The bottom line: Revenue minus Expenses = Net Income.

A positive number means your business was profitable during the period. A negative number means you operated at a loss.

Selecting a period

Use the date range controls to set the reporting period:

• Fiscal year — Select your accounting year.
• Custom dates — Set specific start and end dates for any period you need.

Common periods include monthly, quarterly, and annual reporting.

Multi-currency display

Revenue and expenses are shown separately per currency. If you earn in EUR and USD, you will see separate totals for each currency rather than a converted aggregate.

Using the income statement

For founders

• Monthly review — Check whether your business is trending toward profitability.
• Expense monitoring — Identify which cost categories are growing.
• Revenue tracking — See whether income is growing as expected.

For accountants

• Period close — Verify that all revenue and expenses for the period have been recorded.
• Category accuracy — Check that transactions are categorized to the correct accounts.
• Tax preparation — Use the income statement as a starting point for tax returns.

Printing

Use the settings menu (gear icon) in the report header to open the print view. This renders the income statement in a print-optimized layout with your organization name and logo, then opens your browser's print dialog. You can print to paper or save as PDF using your browser's built-in "Save as PDF" option.

Relationship to other reports

• The net income from the income statement flows into the balance sheet as current period earnings.
• The income statement uses accounting data (accrual basis), while the burn rate report uses cash data. The two may differ.