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Benefits: An income statement (sometimes called a profit and loss statement) lists your revenues and expenses, and tells you the profit or loss of your business for a given period of time. You've probably seen a formal income statement for other businesses or have paid your accountant to prepare one for yours. If you would like to try creating an income statement yourself for your business, you can use the spreadsheet template, contained in the attached file, as a starting point. Just plug in your income and expense account balances and the spreadsheet will automatically calculate all the subtotals and totals, and compute your net income.

Although the template is an example of an income statement for a business that purchases inventory and processes it into a final product, you can quickly customize it to reflect your business situation.

File Description: The file contains a Microsoft Excel (version 4.0 and above) spreadsheet template.

Download: Income statement template

Special Features:

• Download this spreadsheet template just once, and be able to use it over and over again.
• The spreadsheet already contains many account titles used by various types of businesses in preparing an income statement.
• The spreadsheet is completely customizable: you can quickly add or delete account titles or revise the format to suit your needs.
• The spreadsheet is easy to use. Just plug in your numbers and it will automatically calculate all the subtotals and totals and compute your net income.