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Difference between revisions of "Income Statement"
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Revision as of 13:24, 3 February 2021
Income Statement
Income Statement Menu
File:Income Statement Menu.png
Income Statement Menu
Income Statement refers to an overview of competitive Income Statements for specific periods. It also shows how profitable the company base on the given period. The income statements gives the user an overview of the revenue, less the expenses and losses.
Income Statement Terms on Oojeema Prime:
- Date Range(Monthly, Quarterly, Yearly) - gives the user a set of date range on how they will view their Income Statement.
- Account - set of accounts included on the Income Statement which mainly compose of Revenue, Cost and Expense.
- Revenue - refers to any income generated from business operations with the inclusion of discounts and deductions for returned merchandise.
- Set of Revenues can be seen in Revenue Tab under Chart of Account Maintenance Module.
- Cost - refers to any value of money that will be used in products or services.
- Gross Income - refers to any amount that the company earns from the sale of goods or services, before any other expenses have been deducted.
- Expense - refers to any type of expenditure that flows through the Income Statement. Expense is deducted to revenue to acquire the business net income.
- Set of Expenses can be seen in Expense Tab under Chart of Account Maintenance Module.