What Is a Profit and Loss Statement?

The income statement, also known as the income statement, is a financial statement used to reflect the company's profit realization (or loss) in a certain period.

Income statement account

Income statement

In the Planning Business Module tool, the income statement account classification includes the account types shown in the income statement. The income statement financial statements describe the financial status of the organization over a period of time. The profit and loss statement includes account types such as "income", "expense" and "revenue". Members who own this account type have a summed TimeBalance property. That is, the member's summary value is the sum of the values of its child members.

For profit and loss subjects, it is not possible to directly compare the total amount of the general ledger with the data on the profit and loss statement and require consistency. Because the profit and loss statement reflects the actual amount of profit or loss, that is, the absolute difference of the profit carried forward for the current year; but on the general ledger, it is only based on the direct addition of the amount of borrowers and creditors recorded on the voucher. This is especially true when the direction of a subject is exactly the same as the direction of the detail subjects below it.