Income Summary Report

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What is the Income Summary Report?

The income summary report is a temporary account that records all your business’s revenue and expense accounts upon closing them at the end of every accounting period. 

It calculates your business’s net income or net loss and transfers it to the retained earnings account. It is classified under sales and captured primarily via invoices.

Completing the accounting cycle and preparing the financial statements are also essential. An income summary report may include the Financial year, Basis, Account, Category, or Customer.

To get the Income summary report:

  • Go to Reports on the Navigation Menu.
  • On the Reports page, go to the Income & Expense section.
  • Click Income Summary.
  • On the Income summary report page, you can use the filters to set the following:
    • Financial year
    • Basis: Accrual or Cash
    • Account
    • Category of expense.
    • Customer
  • After entering your preferred filters, hit the Enter Key on your keyboard to refresh and view an updated report.

You can switch the report chart from Timeline to Distribution by clicking the Distribution icon distribution icon.

Income summary report charts

Check out the Time to Get Paid app to see how many days your clients take to pay you.

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Income Summary Report

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