What report can you generate to see an overview of income versus expenses?

The Profit and Loss Report is the ideal choice for obtaining an overview of income versus expenses. This report provides a comprehensive view of a company’s revenues, costs, and expenses over a specified period, typically showcasing how much income was generated and how much was spent. It summarizes the operational performance of a business, highlighting whether the company is making a profit or incurring a loss during that timeframe.

In contrast, the Cash Flow Statement primarily focuses on the movement of cash in and out of the organization, making it less suitable for a straightforward comparison of income and expenses. The Balance Sheet offers a snapshot of a company's financial position at a specific moment in time, detailing assets, liabilities, and equity rather than the performance over a period. The Sales Report, on the other hand, concentrates specifically on sales-related data and does not encompass a full picture of both income and expenses. Hence, the Profit and Loss Report is the go-to tool for analyzing the financial results regarding income and expenses.