Income Statement

At the end of the day, run the numbers to create the income statement.  It's not necessary to print it every day, but it should be run every day.

1. Go to GL, Financials, Compute Financials.
2. Then Go to GL, Financials, Print Financials.  (Cancel the print job unless you need a print)
3. Then Go to File, return, and type "do cyincome".  When it wants to print, cancel the job unless you need a copy.

Look at the financial history under GL, Financials, Financial History.  If the income has taken a sudden, unexpected drop or rise, here are some things to look for.

Unexpected drop

• Did we receive some income and pay for it COD, but the computer thinks it is also owed as a Net 30 invoice?  To check this, Go to Ordering, Stock Ordering, Browse.  Set the "How many days" to zero.  You want "Just the received but not invoiced" ones.  Any invoices that were COD should have a "Y" in the O_COD field.  If it's not there, just put it there, and run the financials again.
• Print out the Accounts Payable list.  AP, To Pay Report.  See if there's anything there that should not be there.
• Check the inventory (yes, it's very hard) for stuff we have, but it doesn't think we have.

Unexpected rise

• If it's the first part of the month, has the rent been paid?  If not, the income will be inflated by $2700.
• Check the inventory (yes, it's very hard) for stuff it thinks we have, but we don't have.
• Check the Accounts Payable list against the invoices in the Payables file.  Is there one missing?

If the difference between the income statement and the balance sheet becomes large (you can see it when you print the financials, see step 2 above) there are several things it could be.

• Accounts receivable problems.  Have we received and deposited money that our computer thinks is still owed to us?  Or vice versa?
• Problems with cash on hand.  These are usually small.  The cash in the box may be smaller or larger than usual.
• Loan payment problems.  If we've paid money which the computer thinks we still owe, or vice versa, the problem will show up in the difference.
• Problems with the checkbook.  Have we made deposits to the bank that the checkbook doesn't know about?  Or is there a typo in the amount of a deposit?