The Income Statement report shows revenue, expenses, gross profit, operating income, and net income for a selected period or comparison range.
What this report is for
Use Income Statement to review profitability over time. The report is read-only. It does not post entries, close periods, update accounts, or change invoices.
Use General Ledger Overview when you need transaction-level support for an income statement account.
Screen path
Dashboard > Finance > Reports > Income Statement
Report controls
| Control | Use |
|---|---|
Type |
Choose the report type. |
Start |
Start date for non-MTD report types. |
End |
End date for non-MTD report types. |
Run Report |
Runs the report. |
Copy for Excel |
Copies report data after the report is generated. |
Print |
Prints the generated report. |
When Current Month-to-Date is selected, PAX uses the first day of the current month through the current date and disables manual date edits.
Report sections
The report can show these sections:
| Section | What it shows |
|---|---|
Revenues |
Active Revenue accounts. |
Total Revenues |
Revenue total for each displayed period. |
Cost of Goods Sold |
Expense accounts numbered 5000 through 5999. |
Total Cost of Goods Sold |
COGS total for each displayed period. |
Gross Profit |
Total revenues minus total COGS. |
Operating Expenses |
Expense accounts numbered 7000 through 7999. |
Total Operating Expenses |
Operating expense total for each displayed period. |
Operating Income |
Gross profit minus operating expenses. |
Other Expenses / Income |
Expense accounts numbered 9000 and higher. |
Total Other Expenses/(Income) |
Other expense/income total for each displayed period. |
Net Income |
Operating income minus other expenses/income. |
The report displays one column for each period included by the selected report type.
Comparison types
| Type | Behavior |
|---|---|
Current Month-to-Date |
Uses the current month through today. |
Single Period |
Uses the selected start and end dates as one period. |
Monthly Comparison |
Shows each month that overlaps the selected range. |
Quarterly Comparison |
Shows each calendar quarter that overlaps the selected range. |
Yearly Comparison |
Shows each calendar year in the selected range. |
What happens behind the scenes
Opening Income Statement does not change records.
When Run Report is selected, PAX reads journal entry lines for active Revenue and Expense accounts within the selected period or periods.
Revenue amounts are calculated as credits minus debits. Expense amounts are calculated as debits minus credits.
Current report classification uses account type and account number ranges:
- Revenue accounts go to
Revenues. - Expense accounts from 5000 through 5999 go to
Cost of Goods Sold. - Expense accounts from 7000 through 7999 go to
Operating Expenses. - Expense accounts 9000 and higher go to
Other Expenses / Income.
Troubleshooting
The report says start and end dates are required
Likely cause: A non-MTD report type is selected without both dates.
Safe fix: Enter both dates, or switch to Current Month-to-Date.
Contact support if: Dates are entered but the report still fails.
An expense account is missing from the report
Likely cause: The account may be inactive, may not be an Expense account, or may fall outside the account number ranges currently grouped by the report.
Safe fix: Review account setup in Chart of Accounts Overview and confirm the account has activity in the selected period.
Contact support if: The account is active, has activity, and should be included.
Income statement totals differ from another report
Likely cause: Reports may use different date ranges, posting dates, account filters, or account classifications.
Safe fix: Confirm the selected type, date range, and account detail in the General Ledger.
Contact support if: The same account activity produces inconsistent totals.