Veepan
  • Veepan User Guide
  • Getting Started
  • Registration
    • Creating your Account
    • Activating Account
    • Basic Setup
  • Fundamentals
    • Invoicing
      • Create Invoice
      • Edit Invoice
      • Download Invoice
      • Record Payment for Invoice
      • Add QR Code to Invoice
      • Create Purchase Invoice
      • Create non-GST Bill / Simple bill
    • Inventory
      • Add Product
      • Edit Product
      • Importing Inventory
      • Generate Barcode
    • Services
      • Add Service
      • Edit Service
    • Sales
      • Create Sales Entry
      • Edit Sale
      • Record Payment
      • Create Invoice for Sale
    • Subscriptions
      • Create Subscription Plan
      • Create Subscription
      • Record Payment for Subscription
      • Create Invoice for Subscription
    • Purchases
      • Create Purchase Entry
      • Edit Purchase
      • Record Payment
    • Accounting
      • Balance Sheet
      • Income Summary
    • GST Filing
      • GSTR1 Json data
      • GSTR1 Filing
    • Customer
      • Add Customer
      • Edit Customer
    • Vendor
      • Add Vendor
      • Edit Vendor
    • Manage Expenses
      • Add Expense
    • Manage Assets
      • Add Asset
    • Chartered Accountant
      • Add Accountant to Business
      • Access Client Business Invoices
  • Use Cases
    • For Consultancy Firm
      • 1. Basic Setting for Consultancy
      • 2. Create Consulting Services Entry
      • 3. Create Consultants Entry
      • 4. Create Sales Entry for Consulting
      • 5. Create Invoice for Consultancy Sales
      • 6. Record Payment for Consultancy Sales
      • Create Service Tasks
      • Assign a Consultant to each Consulting Service
      • Payment to Consultant
    • For Gym Management
      • 1. Create Subscription Plan for Gym
      • 2. Create Subscription for new gym member
      • 3. Record Payment for Gym Subscription
      • 4. Create Invoice for Gym Subscription
      • Mark Attendance for Gym Member
      • Enquiry Entries for the Gym
    • For Automobile Service Center
      • 1. Basic Setting for Automobile Services
      • 2. Add Stocks for Automobile
      • 3. Create Purchase Entry for Automobile Products
      • 4. Create Sales Entry for Automobile
      • 5. Create Invoice for Automobile Sales
    • For Diagnostic Center
      • 1. Basic Setting for Diagnostic
      • 2. Create Diagnostic Tests Entry
      • 3. Create Sales Entry for Diagnostic
      • 4. Create Invoice for Diagnostic Sales
      • 5. Record Payment for Diagnostic Sales
  • Become Partner
    • For Sales Partner
      • 1. Create Account
      • 2. Send Approval Request
      • 3. How to Refer
      • 4. Track all Referrals
  • Extras
    • Keyboard Shortcuts
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On this page
  • What is an Income Summary?
  • Parameters
  1. Fundamentals
  2. Accounting

Income Summary

Here we will discuss, what is income summary and its importance.

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Last updated 2 years ago

What is an Income Summary?

An Income Summary reports a business’s revenues, expenses, and overall profit or loss for a specific period of time.

Parameters

We will understand some of the parameters of the Income Summary here.

  1. Sales Revenue - The revenue earned through selling the products or services.

  2. Cost of Goods Sold - The direct cost incurred in selling the products or services.

  3. Gross Profit - Gross profit is calculated by subtracting the cost of goods sold from the revenue.

  4. General and Administrative Expenses - These are the costs incurred in running the business, for example, salaries, wages, rent, office and utilities expenses.

  5. Earnings Before Tax - Total income before tax.

  6. Net Earnings - Total revenues minus total expenses.

  7. Retained Earnings - Net earning of the business.

The Income Summary is automatically prepared by Veepan, based on

  • Sales Entry

  • Purchase Entry

  • Asset & Expense Entry

Income Summary by Veepan