Income Statement

The Income Statement provides a detailed statement of your revenue and expense account balances for the current period and year to date. The report also displays the firm’s current period and year-to-date operating profit or loss amounts.

Configuration Settings

You can only generate the cash-basis version of this report if the Enable Cash-Basis Reporting option is selected in Configuration.

The Organization Record Access setting for your role on the Roles form (Configuration > Security > Roles) determines the organizations for which you can see data on this report.

Account Groups

You can use account groups to organize accounts on financial reports.

Increase Performance with the Use Summary Table Option

Because of the calculations involved, it may take longer to generate this report than it does for most other reports. This is particularly true for large databases.

To get the best performance, do the following before you generate a Balance Sheet:

• Run the Refresh GL Summary Table utility.

• Select the Use Summary Table option on the General tab in the Options dialog box for the report.

Recommendation: The Refresh GL Summary Table utility calculates and stores the financial data needed for this report in a summary table. We recommend that you schedule the Refresh GL Summary Table utility to run after business hours each night, so that financial reports printed the next day show current data as of close of business the day before.

Multicompany

You can generate a consolidated Income Statement for multiple companies. To generate that report, go to Reporting > Consolidated GL.

Multicurrency

If you use the Multicurrency feature, the report may display amounts in different currencies. If the report contains a total for amounts in a mix of currencies, the report displays #### instead of an amount.

If the report displays amounts in different currencies, it is suggested that you also include currency symbols or currency codes. To do that, click the Layout tab in the Options dialog box and click in Currency to open the Format Currency dialog box. You may want to use the currency code in place of the currency symbol when the report includes more than one currency with the same currency symbol. For example, U.S. dollars and Canadian dollars both use $ as the currency symbol. If you use the code, the report displays USD and CAD instead of the symbol.

An alternative to mixing currencies on the report is to select a presentation currency. When you generate the report, Vision converts all amounts to the presentation currency. The advantage of this method is that you can make meaningful comparisons between amounts, and the report can display meaningful totals.