• An income statement summarizes revenues, expenses, and net profit over a period, while a trial balance ensures that total debits equal total credits in accounting records. Both are critical for financial transparency and decision-making.

Why It Matters

• Helps management track profitability and operational efficiency
• Detects errors or anomalies in accounting entries early
• Provides data for audits, tax filings, and stakeholder reporting

Steps to Generate Income Statements:

• Navigate to Modules > General Ledger > Inquiries and Reports > Financial Statements.
• Select Income Statement.
• Choose period, currency, and financial dimensions.
• Preview the report and verify totals.
• Export to Excel or PDF for reporting or analysis.

Steps to Generate a Trial Balance:

• Navigate to Modules > General Ledger > Inquiries and Reports >Trial Balance..
• Select date range (monthly, quarterly, yearly).
• Apply filtersfor departments, cost centers, or projects.
• Preview and export.
• Example : A monthly trial balance helps an accounting team verify that ₹5,00,000 in debits matches ₹5,00,000 in credits, ensuring ledger integrity.