An Income Statement (also called a Profit & Loss report) uses the chart of accounts to summarize your business’s sales and expenses to show profitability. The income statement is one of the Financial Reports that the Jewelry Shopkeeper produces.
The Balance Sheet summarizes your business’s assets and liabilities to present the business’s tangible net worth.
Note that the financial reports work from accounting periods that are reset each time you perform the month-end closing procedures. If you close out at the end of the last business day of each month, then each accounting period will be the same as a calendar month. If you close out a few days before or after the last business day of a month then that accounting period would be a few days shorter or longer than the corresponding calendar month.
When you start generating the report it may take a several minutes depending on the speed of your computer and the volume of data that you have entered.