Income Statement
Review budget, actual, and variance across revenue, costs, expenses, and operating result inside Accounting
Income Statement is the default Accounting section. It turns the shared account layer into a financial view your team can use to understand revenue, operating spend, and variance by period.
In the app, Accounting opens to Income Statement first. Budgets and Chart of Accounts are the other two sections inside the same Accounting workspace.
What It Shows
| Area | What it answers |
|---|---|
| Revenue | How much validated payment activity is recognized for the period |
| Costs and expenses | Which account groups are driving operating spend |
| Budget vs actual | Where actual account activity is above or below plan |
| Variance | How far each account group is from the budgeted amount |
| Operating result | Whether the period is trending profitably on a cash basis |
Where the Numbers Come From
Income Statement reads account-based activity:
- Validated payments can post revenue actuals through the register and revenue accounts
- Completed payouts can post expense actuals through payout lines and the payout register
- Budgets provide planned amounts for comparison
- Chart of Accounts provides the account hierarchy used to group rows
The V1 income statement is cash basis. Creating an invoice does not recognize revenue by itself. Revenue appears when payment cash is validated into a register and posted to revenue accounts.