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1. All financial statements
are printed for one accounting period at a time, or for a
selected quarter.
2. The income statement can be printed for one profit
center at a time, or all profit centers to show consolidated
results for the entire company.
3. Accounts are subtotaled by customizable classes
and subclasses. Every G/L account will belong to a class
(income, job costs, expenses for example), and subclasses
provide a second level of grouping.
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4. In the income statement,
all classes are totaled for readability.
5. Gross profit shows your income less direct job
costs. It's your gross margin, or the profit you've made
before overhead expenses. Gross profit - overhead expenses =
net income (not shown here).
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6. The
income statement compares period-to-date balances with
year-to-date totals, making it easier to see month-to-month
trends in the business.
7. The % column shows each account's totals as a
percentage of total billings or AGI (i.e., agency gross
income), depending on which income statement you run. They
make it easy to compare your company to others using
industry standards. It's also a good way to compare from one
year to another.
NEXT: Take a look
at the Balance
Sheet
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