Customize Income Statement with Other Income and Other Expenses

Listed below are the steps to create a Profit Loss Statement in a Search.

1)     Navigate to Reports > New Search > Transaction

2)     Under the Criteria tab:

a.     Add Account Type is any Income, Cost of Goods Sold, Expense, Other Income, Other Expense

b.     Date is within this month

c.      Positing is True

3)     Under the Results tab:

a.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Revenue

                                        iii.    Summary Label: Revenue

                                        iv.    Formula: case when {accounttype} = 'Income' then {grossamount} else 0 end

b.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: COGS

                                        iii.    Summary Label: COGS

                                        iv.    Formula: case when {accounttype} = 'Cost of Goods Sold' then {grossamount} else 0 end

c.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: GP

                                        iii.    Summary Label: GP

                                        iv.    Formula: (case when {accounttype} = 'Income' then {grossamount} else 0 end) + (case when {accounttype} = 'Cost of Goods Sold' then {grossamount} else 0 end)

d.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Expense

                                        iii.    Summary Label: Expense

                                        iv.    Formula: case when {accounttype} = 'Expense' then {grossamount} else 0 end

e.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Ordinary Income

                                        iii.    Summary Label: Ordinary Income

                                        iv.    Formula: (case when {accounttype} = 'Income' then {grossamount} else 0 end) + (case when {accounttype} = 'Cost of Goods Sold' then {grossamount} else 0 end) + (case when {accounttype} = 'Expense' then {grossamount} else 0 end)

f.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Other Expense

                                        iii.    Summary Label: Other Expense

                                        iv.    Formula: case when {accounttype} = 'Other Expense' then {grossamount} else 0 end

g.     Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Other Income

                                        iii.    Summary Label: Other Income

                                        iv.    Formula: case when {accounttype} = 'Other Income' then {grossamount} else 0 end

h.      Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: OE + OI

                                        iii.    Summary Label: OE + OI

                                        iv.    Formula: (case when {accounttype} = 'Other Expense' then {grossamount} else 0 end ) + (case when {accounttype} = 'Other Income' then {grossamount} else 0 end)

i.      Formula (Currency)

                                          i.    Summary Type: Sum

                                         ii.    Custom Label: Net Income

                                        iii.    Summary Label: Net Income

                                        iv.    Formula: (case when {accounttype} = 'Income' then {grossamount} else 0 end) + (case when {accounttype} = 'Cost of Goods Sold' then {grossamount} else 0 end) + (case when {accounttype} = 'Expense' then {grossamount} else 0 end) + (case when {accounttype} = 'Other Expense' then {grossamount} else 0 end ) + (case when {accounttype} = 'Other Income' then {grossamount} else 0 end)

 

4)     Select Create Saved Search

5)     Change Search Title

6)    Save & Run