Want to create a great QuickBooks Income Statement? Easily create an Income Statement with columns by Month.
- Summarize your business activity for an entire year.
- Summarize accounts by month, showing a separate column for each month.
- Show a total only for the major account categories.
Here is how to do this.
Customizing the Income Statement
First, from the menu bar at the top of your screen select “Reports”.
Next, on the drop-down menu select “Company & Financial”.
Then, select “Profit & Loss Standard”.
Now you see the standard Profit & Loss Report shown below.
Three Easy Steps to a Great QuickBooks Income Statement
In three easy steps you can customize this report to show a summary of income and expenses by month.
- Select “This Fiscal Year” for the Dates (shown above)
- Select Columns by “Month”
- Select “Collapse” which shows only totals for major accounts (it does not show sub-account totals).
Your report should now look like the example below.
Now, isn’t that easier to look for trends by month? This makes it much easier to view trends such as sales by month, labor costs by month, etc.
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