{"id":957,"date":"2023-04-11T15:15:20","date_gmt":"2023-04-11T12:15:20","guid":{"rendered":"https:\/\/akaunting.com\/hc\/docs\/reports\/income-summary-report\/"},"modified":"2023-04-24T10:57:57","modified_gmt":"2023-04-24T07:57:57","slug":"income-summary-report","status":"publish","type":"docs","link":"https:\/\/akaunting.com\/hc\/docs\/reports\/income-summary-report\/","title":{"rendered":"Income Summary Report"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is the Income Summary Report<\/strong>?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The income summary report is a temporary account that records all your business&#8217;s revenue and expense accounts upon closing them at the end of every accounting period.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It calculates your business&#8217;s net income or net loss and transfers it to the retained earnings account. It is classified under sales and captured primarily via invoices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Completing the accounting cycle and preparing the financial statements are also essential.&nbsp;An income summary report may include the Financial year, Basis, Account, Category, or Customer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To get the Income summary report:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Go to<strong> Reports<\/strong> on the Navigation Menu.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-video\"><video height=\"1080\" style=\"aspect-ratio: 1920 \/ 1080;\" width=\"1920\" controls src=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151750\/to-get-the-income-summary-report.mp4\"><\/video><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>On the Reports page, go to the <strong>Income &amp; Expense<\/strong> section.<\/li>\n\n\n\n<li>Click <strong>Income Summary.<\/strong><\/li>\n\n\n\n<li>On the Income summary report page, you can use the filters to set the following:\n<ul class=\"wp-block-list\">\n<li>Financial year<\/li>\n\n\n\n<li>Basis: Accrual or Cash<\/li>\n\n\n\n<li>Account<\/li>\n\n\n\n<li>Category of expense.<\/li>\n\n\n\n<li>Customer<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>After entering your preferred filters, hit the <strong>Enter Key<\/strong> on your keyboard to refresh and view an updated report.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You can switch the report chart from Timeline to Distribution by clicking the Distribution icon <img loading=\"lazy\" decoding=\"async\" width=\"25\" height=\"25\" class=\"wp-image-1530\" style=\"width: 25px;\" src=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/20142147\/Screenshot-2023-04-20-at-14.21.20.png\" alt=\"distribution icon\" srcset=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/20142147\/Screenshot-2023-04-20-at-14.21.20.png 64w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/20142147\/Screenshot-2023-04-20-at-14.21.20-16x16.png 16w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/20142147\/Screenshot-2023-04-20-at-14.21.20-50x50.png 50w\" sizes=\"auto, (max-width: 25px) 100vw, 25px\" \/>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart-1024x576.png\" alt=\"Income summary report charts\" class=\"wp-image-961\" srcset=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart-1024x576.png 1024w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart-300x169.png 300w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart-768x432.png 768w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart-1536x864.png 1536w, https:\/\/assets.akaunting.com\/hc\/2023\/04\/11151811\/switch-chart.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Check out the <a href=\"https:\/\/akaunting.com\/apps\/time-to-get-paid\" target=\"_blank\" rel=\"noreferrer noopener\">Time to Get Paid app<\/a> to see how many days your clients take to pay you.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the Income Summary Report? The income summary report is a temporary account that records all your business&#8217;s revenue and expense accounts upon closing them at the end of every accounting period.&nbsp; It calculates your business&#8217;s net income or net loss and transfers it to the retained earnings account. It is classified under sales [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":928,"menu_order":5,"comment_status":"open","ping_status":"closed","template":"","doc_tag":[],"class_list":["post-957","docs","type-docs","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/comments?post=957"}],"version-history":[{"count":3,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/957\/revisions"}],"predecessor-version":[{"id":1532,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/957\/revisions\/1532"}],"up":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/928"}],"wp:attachment":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/media?parent=957"}],"wp:term":[{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/doc_tag?post=957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}