Income / Expense Statements are appropriate for Non-Trading Organisations, which generally are not engaged
in trading of goods or services and thus the books of accounts comprises of only the sources of Income and
expenditure earned/incurred during a given period. This is useful for non-profit organizations such as Trusts,
Educational Institutions, NGOs, and Hospitals etc.
You can toggle between Income / Expenditure Statement & Profit & Loss A/c, by pressing F11 feature and
set Income/Expense Stmt instead of P & L to Yes or No. |
