Income Statement By Class
What is Income Statement By Class?
The Income Statement By Class report in XoroERP is a vital tool for businesses to assess their financial performance. It provides a detailed breakdown of income earned and expenses incurred, allowing users to gauge their profitability. In XoroERP's Income Statement By Class, the term "Class" refers to a categorization system that allows users to classify transactions within the system based on specific categories or projects. These classes, also known as projects, serve the purpose of organizing and grouping transactions for better analysis and reporting. For example, you can create classes such as Wholesale, Retail, and e-Commerce to categorize transactions based on different business segments. Moreover, you can further categorize e-Commerce transactions by creating sub-classes for each e-Commerce channel like Amazon, Shopify, etc.
Selecting Reporting Template
After choosing the Income Statement By Class option, the system prompts to choose a document template. Select the report template from the "Select Document Template" dropdown to open the report.
Key Features
Here's an elaboration on what this report includes and how XoroERP users can leverage it:
Income and Expenses Breakdown: The report categorizes income and expenses into business classes such as ECommerce and Shopify, providing a clear overview of where revenue is generated and where costs are incurred. This breakdown helps users understand the primary sources of income and the major areas of expenditure within their business.
Profitability Analysis: By comparing income and expenses, users can evaluate their profitability. The report calculates the net profit or loss by subtracting total expenses from total income. This analysis is crucial for assessing the financial health of the business and making informed decisions to improve profitability.
Class-Based Analysis: The report allows users to analyze income and expenses based on different classes or categories. This could include revenue and costs associated with specific products, services, departments, projects, or locations. Class-based analysis provides deeper insights into the financial performance of different segments of the business.
Periodic Comparison: Users can view income and expenses for specific periods, such as monthly, quarterly, or annually. This feature enables trend analysis and helps identify patterns or fluctuations in income and expenses over time.
Decision-Making Tool: XoroERP users can use the Income Statement By Class report as a decision-making tool. By understanding which classes contribute the most to revenue and which incur significant expenses, businesses can allocate resources more effectively, prioritize investments, and identify areas for cost-saving measures.
Financial Planning: The report is valuable for financial planning and budgeting. It allows users to set realistic revenue targets, monitor expenses against budgeted amounts, and adjust financial strategies based on actual performance data.
Income Statement By Class Report Detailed Features
Within XoroERP's Income Statement By Class report, the layout is structured with three primary columns: Account Name, Class, and Amount segregated monthly. The Class categories can range from ECommerce, Shopify, EDI, Wholesales, Exclusive Deals, and more. Let's explore each of these components in detail from a technical standpoint:
Account Name: This column lists the specific accounts under which financial transactions are recorded. It includes income sources, such as sales revenue, service fees, interest income, and expense categories like cost of goods sold, operating expenses, and taxes. The Account Name section provides a granular view of the various financial activities within the business.
Class: The Class column categorizes transactions based on predefined classes or categories. These classes can represent different business segments, product lines, customer groups, geographical regions, or any other classification relevant to financial analysis. For instance, ECommerce may represent online sales, Shopify could denote transactions from a specific platform, EDI might signify electronic data interchange transactions, and so on. Classifying transactions in this manner allows for detailed performance analysis across different business areas.
Amount Segregated by Class: The Amount column displays the monetary values associated with each Account Name and Class combination, segmented on a monthly basis. This segmentation is based on Class categories such as ECommerce, Shopify, or Wholesales. This allows for focused analysis and better understanding of performance within distinct business segments.
Interactive Elements
XoroERP's Income Statement By Class Report offers users a detailed insight into income data categorized by classes. When printed to screen, the Income Statement By Class has the XoroERP Drill-down feature. You can click on any Transaction Number in the report to open an individual Transaction record. By utilizing interactive elements within this report, users can seamlessly navigate and access in-depth financial information. Here's a step-by-step guide on how users can leverage these interactive elements to delve deeper into reports:
Viewing Account Type and Name:
Within the Income Statement By Class Report, users can easily identify account types (e.g., sales, expenses) and corresponding account names for each class.
Monthly Income Amounts:
The report presents month-by-month income amounts specific to each class, providing a comprehensive overview of income trends over time.
Navigating to Income Statement Account Details By Class:
Clicking on Income Amount Value: Users can click on the income amount value associated with any account type. This action further navigates them to the Income Statement Account Details By Class for the selected record.
Exploring Transaction Details:
Transaction Information: Within the Income Statement Account Details By Class, users can access detailed transaction information, including transaction number, type, date, account name, entity name, reference number, item details, memo, store information, and transaction amounts.
Journal Detail Display: Clicking on specific values such as Transaction Number, Transaction Type, Transaction Date, Entity Name, Reference Number, and Store within the Income Statement Account Details By Class will display the Journal Detail of that transaction.
Understanding Debit and Credit Transactions:
Debit and Credit Details: In the Journal Detail view, users can view debit and credit transactional amounts associated with the selected record. This level of detail provides a comprehensive understanding of the financial transaction's impact on accounts and balances.
By following this interactive element guide, users can effectively navigate through the XoroERP Income Statement By Class Report, analyze income data comprehensively, and gain valuable insights into financial performance across different classes and periods.
Filtering the Report
To filter the data, enter a desired date range in the "From" and "To" fields on the right side of the screen. After entering the desired date range, click on "Preview" to display only the transactions that fall within the selected date range.
This functionality is particularly useful for financial analysis over specified periods, enabling users to focus on the data that is most relevant to their needs.
Report Header Icons
Refresh: This allows you to refresh the search results after changing the search criterion.
Toggle Print View: This feature enables you to switch the display mode specifically for printing the report. When activated, it adjusts the formatting and layout of the report to optimize its appearance when printed out.
Toggle Parameter Area: This functionality enables you to switch the parameter area's visibility, located on the right side of the Income Statement By Class Window. Toggling this setting allows you to show or hide the parameter options, giving you more control over the display and customization of the Income Statement By Class details.
Download: This versatile feature allows users to export and download data in various file formats, providing a summarized overview for quick reference. Options include CSV, TXT, MS-Word, MS-Excel, PDF, and MS Excel (.xlsx), catering to diverse user preferences and use cases.
Advanced Search: The Advanced Search option elevates customer information retrieval to a sophisticated level. Users can delve into a nuanced search by specifying criteria facilitating precise and tailored searches.
Zoom In and Zoom Out: These features in XoroERP's reporting module allow users to adjust the view of the report according to their preferences. Zooming In increases the size of the report elements, making them easier to read and analyze, while Zooming Out decreases the size for a broader view. These options are particularly useful when dealing with detailed reports or when users need to focus on specific sections of the report.
Toggle Full Page Width: This feature enables users to toggle between displaying the report at its full page width or adjusting it to fit the screen width. When toggled to Full Page Width, the report expands to utilize the entire width of the viewing area, ensuring that all elements are fully visible and enhancing readability. On the other hand, toggling off Full Page Width may be useful for viewing multiple reports simultaneously or when a narrower view is preferred for better organization of the workspace.
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