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Instructions for the Income Statement!!! tab

The Income Statement!!! tab lists income accounts and expense accounts and calculates the net income, or loss, for the year. Knowing which accounts should be listed in each of the income and expenses section is a matter of accounting judgment, but keep in mind that the period end totals for all accounts from the Ledgers!!! should be imported into either the income statement or the balance sheet.
 
In column C of the income statement, the names of the accounts to be listed on the income statement should be added by way of references to the Ledgers!!! tab. See the explanation regarding how to create references set out in the instructions above for the Ledger Index!!! tab.
 
The dollar amount for each account listed on the income statement could theoretically also be added using references, but a macro has been provided to automate that process. The blue “Update References to Ledgers” button in column K of the Income Statement!!! tab runs down the list of accounts in the income statement and for each account:
  1. Reads and remembers the account name from column C on the Income Statement!!!
  2. Goes to the Ledgers!!! tab.
  3. Does a Ctrl-F to locate the text of the account name obtained in step 1 above. This is done in the same way that one searches manually for text, which is why (as explained above) it is important that account names be unique and not contain the same text that may appear elsewhere on the Ledgers!!! tab. As noted above starting account names with a code and ending them with an explanation mark is recommended to ensure they contain unique text.
  4. Having found the account name on the Ledgers!!! tab, the macro runs down the account to find the last entry for the account (it assumes it has found the end of the account when it finds an empty row). The macro then takes the amount, and the date, of the last entry in the account back to the Income Statement!!! tab and places that data in the applicable row.
 
Users should not disrupt the greyed out text in Row 1, or in columns G and H as that text is used by the macros when importing data onto the Income Statement!!! tab, and for providing feedback to the user. Note that the row of the start of the account on the Ledgers!!! tab is calculated in column H on the Income Statement!!! tab.
 
In summary, once the accounts on the Ledgers!!! tab have been finalized the user should:
  1. check that all of the appropriate income and expense account names are pulled into column C of the income statement by way of references;
  2. click the blue “Update References to Ledgers” button in column K of the Income Statement!!! tab to bring in account ending balances and dates from the Ledgers!!! tab;
  3. check that the total income and expense amounts are being correctly tallied; and
  4. check that the Net profit (loss) is being correctly calculated at the bottom of the income statement.