The Comparative Income Statement report summarizes and compares income and expenses across two or more specified time periods. You can use this report to compare your company's performance with previous years. This comparison helps you to measure your company's progress and to make future projections. Show
This report includes an Amount column that defaults to the current date range or period and a Comparative Amount column that defaults to the last year or last fiscal year. When you change the date or period in the Date footer filter to change the date or period for Amount column data, the range for the Comparative Amount column changes accordingly because it has a relative alternate range defined. For an explanation of alternate date ranges, see Adding Time-Based Comparison Columns to Reports. The standard Comparative Income Statement includes the following rows:
Header and summary rows are linked. Each summary row is calculated either through a sum of child row amounts or through a specified formula. The Net Income row is a formula row that sums Net Ordinary Income with Net Other Income. Standard section data are selected based on account type and are grouped by account. The date you select in the footer is used to filter the column you want to compare. You can customize the Comparative Income Statement report in the Financial Report Builder. You can add, reorder, and change the hierarchy of rows. You can use dynamic criteria other than account type for section data, including account name, account number, class, department, location, and if you are using NetSuite OneWorld, subsidiary. In addition to account type, you can group section data by class, department, location, and if you are using NetSuite OneWorld, subsidiary. You can change the date range for your comparison column by editing the Date filter. For more information, see Financial Report Builder . Be aware that the Allow Web Query option is not available for this report. To see the Comparative Income Statement report:Go to Reports > Financial > Comparative Income Statement. A message appears indicating that your report is loading. The status bar in the footer of the report indicates the progress as your report loads. You can click Cancel Report next to the status bar to stop the report from loading. In the footer of the report, you can select from filter lists to refilter report data. You also can select from the Column list to display report amounts by an additional dimension, including time period, class, department, location, or, if you are using NetSuite OneWorld, subsidiary. Click the More arrow button to display all footer lists. For more information, see Setting Report Footer Options. Note: Inactive classes, departments, locations, and subsidiaries are available as filters to provide historical reporting and to avoid unbalanced totals. For information about the permissions required to view and customize financial statements, see Permissions and Roles. The Report by Period user preference determines whether report data is calculated by date range or by period. This preference is available at Home > Set Preferences, on the Analytics subtab. To display this report's data by date range, set this preference to Never. To display this report's date range by period, set this preference to All Reports, or to Financials Only. For more information, see Choosing a Date or Period Range for a Report. The Comparative Income Statement report may be run on a cash basis. The Cash Basis Reporting preference applies to all standard reports that support cash basis reporting. This preferences is on the General tab under General Ledger at Setup > Accounting > Preferences > Accounting Preferences. If the preference is enabled, the Income Statement Detail is on a cash basis rather than an accrual basis. If this preference is not enabled, you can create a custom cash basis Comparative Income Statement by enabling the Cash Basis option on the More Options page of the Financial Report Builder. See Setting Up Cash Basis Reporting. Note: Click an Account Name to view General Ledger report data for the account. The data in the General Ledger Balance column may vary from data in the Comparative Income Statement Amount column. This difference occurs because the Amount column is the account balance from the specified report period only, but the Balance column is a running account balance that includes the amount from the prior period as a beginning balance. Related ReportsRelated TopicsGeneral Notices Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time quizlet?An income statement presents the revenues and expenses of a company for a specific period of time. A retained earnings statement summarizes the changes in retained earnings that have occurred for a specific period of time.
Which report summarizes the amount of financial activity associated with each income or expense account for specific of time?The profit and loss report provides you with your business' performance in any specific period of time. This report is also known as an income statement. It summarizes your income and expenses for the month or year (or any period), so you can tell whether you're operating at a profit or a loss.
Which statement summarizes and explains the changes in retained earnings during the accounting period?The statement of owner's equity—also called the statement of retained earnings—shows the change in retained earnings between the beginning and end of a period (e.g., a month or a year). The balance sheet reflects a company's solvency and financial position.
Which type of financial statement summarizes an organization's assets and liabilities?What are the differences between a balance sheet and income statement?. |
Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?
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