To determine whether your business is making more profits than losses or vice versa, you need to make an accurate income statement. In its most basic definition, an income statement (also known as a profit and loss statement) is a financial document that recapitulates the business’s income and expenses in a given time. This document is used by most business companies to have a complete look at their financial gain and monitor the company’s financial health on a quarterly, monthly, or yearly basis. If you plan to make your income statement today, remember that a ready-made template is part and parcel of the whole process. Hence, we’ve provided below a comprehensive list of income statement templates that you can use to the advantage of your business.
10+ Income Statement Templates in Google Docs | PDF | Google Sheets | Excel | Word | Pages | Numbers
1. Income Statement Template
Download this Income Statement Template in Google Docs, MS Word, and Apple Pages file formats today. Make use of the original layout that suits your preferences. The template is readily available in A4 and US letter sizes. Hurry! Secure a copy now!
2. Income Statement Monthly Template
Organize your monthly revenues and expenses with the use of our Income Statement Monthly Template. Nothing beats a sheet template that can help you prepare an income statement accurately and professionally. So, don’t miss out on the chance to download this template now.
3. Quarterly Income Statement Template
Quarterly earnings and losses should be laid out properly to monitor the company’s financial condition. With that, allow our Quarterly Income Statement Template to aid you in the whole income statement-making process. Download and edit this sheet template in Google Docs, MS Word, and Apple Pages today!
5 Steps to Create an Income Statement
Step 1: Choose a Time Frame
A time frame may refer to a specified period of time in which you have accumulated your financial results. It can be the current quarter, monthly example, or a year. This is the first thing that you need to do in setting up your income statement. It is important that you know the date range to cover.
Step 2: Select a Format
There are two ways to prepare your income sample statement. The first and the most plain format you can use for your business is the single-step income statement. Considerably, it is simple since it only follows a straightforward formula: total revenue – total expenses = net income or loss. As you can see, this format has merely two sections: the revenue section and the expenses section. Small businesses prefer this type of form since it’s quicker and easier to compile their income statements.
The second format is the multi-step income statement. This type of setup is quite tedious because the business owners need to breakdown their expenses and revenues into both “operating” and “non-operating” sections. Like the single-step income statement, this format also follows a formula: net income or loss = (total operating revenue + total non-operating revenue) – (total operating expenses + total non-operating expenses + cost of goods sold).
These are the vital differences that you need to keep in mind when writing your income statement. For further explanation, consider reading the article that talks about the differences between single-step and multiple-step income statements from Investopedia.
Step 3: Get a Template
Be it single-step or multi-step, we all have what you need to draft your income statement. From the list of sheet templates, pick a template or two for you to help you create an income statement. All of the income statement templates are easily editable and fully customizable in your preferred file format. Simply download the template to start personalizing it.
Step 4: Identify Your Revenues & Expenses
Generally, your income statement should have two major sections that you need to identify: revenue and expense sections. While revenue refers to the income you get from the sale of goods or services, the expenses sample is a cost your business incurs in order to generate revenue. These two essential things might be different, but they are so connected in keeping your business run and survive. Hence, make sure you identify your revenues and your expenses in preparing your income statement.
Step 5: Put the Finishing Touches
Learning how to prepare your income statement may benefit your business in the long run. So, we hope you take note of all the steps provided for you. This last step only requires you to recheck and reread what you have written so far. It pays much to proofread your output and to correct errors if there’s any.
4. Restaurant Income Statement Template
From a business standpoint, restaurant businesses are considered to be the “leading media brand” in the food industry. Entrepreneurs are so interested in opening a restaurant business because it brings them huge profits. But whether you have established your business already or you have a plan to start a new one, this Restaurant Income Statement Template can be a saving grace when you need to prepare an income statement for your restaurant business. If you’re interested in this template, download it right away!
5. Restaurant Income Statement Quarterly Template
Preparing an income statement on a quarterly basis for your restaurant business has never been this easy and fun with the help of our Restaurant Income Statement Quarterly Template. All you have to do is edit it in Google Docs, MS Word, and Apple Pages file formats the way you want it. Grab a copy of the template today!
6. Simple Income Statement Template
If what you are looking for is an income statement template with just a simple layout, then, this Simple Income Statement Template is what you need to get your hands on. This ready-made, print-ready template is available in the US and A4 print sizes, perfect for commercial as well as personal printing. So what are you waiting for? Download now!
7. General Income Statement Template
Make your income statement as general as possible through this General Income Statement Template. By using this template, you can now make a general overview of your financial statements easily. Get to create one today as you download and edit it using MS Word and Apple Pages!
8. Monthly Income Statement Template
Secure and monitor your monthly income and expenses using our ready-made Monthly Income Statement Template. This template is perfect for commercial as well as personal use. Don’t just stare at your screen! Secure a copy of this template now!
9. Free Income Statement Template
Don’t worry, it’s for free. Draft a personalized profit & loss statement for your small business using this Free Income Statement Template. You see, it’s made available in almost all file formats such as Google Sheets, Google Docs, MS Excel, MS Word, Numbers, Pages, and Editable PDF. Editing has never been this easy when you download this template today.
10. Income Statement Sample
May this Income Statement Sample from Springfield Psychological Services help and guide you in your whole income statement-making process. Download and utilize this sample sheet now in a Portable Document Format (PDF).
11. Household Size Income Statement
Looking a format or a template for your household size income statement? Don’t fret! This one is what you need to download. Our Household Size Income Statement is readily available in a Portable Document Format (PDF). Grab the chance to get a copy of this file now!