Step 3: Merge cells A3:N3 from row 3 and enter the financial year for the statement (i.e., FY23). Step 2: Merge cells A2:N2 from row 2 and write “Income Statement.” Step 1: Select cells A1:N1 from row 1, click on the merge cells icon from the top menu to merge them, and then write your company’s name. Open a new Google Sheets template and rename it as “Income Statement” so it’s easier to locate on your device. However, you must ensure that the nature of your income statement remains true to the principles in the following guide. Please note: If the format of this income statement isn’t a perfect fit for your specific requirements, users are free to modify the columns and values to meet their needs. How to Create a Monthly Financial Statement Template in Google Sheets This is great news if your company isn’t fixated on a single platform and users have different devices. Whether it’s iOS, Android, Windows, or Linux, Google Sheets can be used with any operating system. Creating a statement of income in Google Sheets is a straightforward process that requires little effort. Ease of Useįor many small businesses, having a complex system for income statement creation is counterproductive. The flexibility of Google Sheets can’t be understated: It’s simple to create a financial statement spreadsheet from scratch, especially one that reflects your individual needs. All you need is internet access to access your financial data. Since Google Sheets is cloud-based, you can manage data on any device and at any time. There are plenty of advantages to using Google Sheets for income statements (including calculating compound interest for cash balances). Why Use a Google Sheets Income Statement Template? Some main categories of an income statement include: Since an income statement tracks the income and expenses of a company over time, it usually includes sections that relate to these two main accounts. They may also use it to study a company’s spending patterns and success parameters. External users (e.g., investors, competitors) use income statements to assess a company’s potential for expansion and profitability.
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This important financial statement is typically reviewed by internal and external users:
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Are There Other Names for an Income Statement?.How to Create a Monthly Financial Statement Template in Google Sheets.Why Use a Google Sheets Income Statement Template?.