The Income statement shows a summary of income and expenses for a period of time by property.

Also called

  • Profit and Loss
  • P & L

Sample reports

 

Other report formats are available and can be generated in the software.

When to use it

Use an income statement to:

  • Find the net profit or loss for a period of time.
  • Provide a summary report on the property's income and expenses for rental owners and association board members.

Generating this report

Save time! Access this feature from any screen using the shortcuts menu.

  1. Go to the Reports menu .
  2. Click the Income Statement link.
  3. Select your report parameters. More details:

     

    Parameter What it means
    Properties

    Select a single property, association or rental owner, or a group of properties, associations or rental owners, using the filter box. You can also select all properties.

    Date range

    Selects the period for which the software will generate the report.

    Interval

    Controls the columns in the report and how the totals within the date range are displayed.

    Accounting basis

    Cash basis reports display data when money changes hands. Accrual basis reports display data for the period in which the transaction originally happened.

    Report format

    Choose from PDF, legacy PDF, XLS, XLSX, or CSV.

     

  4. Click Download report.

Miscellaneous

  • It is uncommon for negative amounts on this report.
  • Cash basis income statements count the transaction on the date of the payment. A payment meant for April but received in March will show on an income statement in March.
  • Accrual basis income statements report on the charges, not the payments.
  • Management income accounts do not appear on income statements. see "Monthly management fee policy"

 

Article #: 112679

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