Time for action – getting overall Income Statement
Getting overall Income Statement for the non-profit: Even though you are keeping separate Income and Expense accounts for events as well as keeping the funds for building the new wing separately, you still need the overall Income Statement for the non-profit for tax returns, audit, annual report, and other purposes.
From the menu, select Reports | Income&Expense | Income Statement. In the Report Options dialog, in the Accounts tab, you will find that all Income and Expenses accounts have been selected by default. In the General tab, make sure the start of the year and end of the year are selected. Click OK to see the Income Statement for the entire year covering all accounts, as shown in the following screenshot.
What just happened?
Non-profits tend to work with a lot of volunteers and some of them may be occasional volunteers. This is another reason why it is harder to do bookkeeping for a non-profit. Keeping track of expenses and paperwork...
