The Statement of Income and Expense Report is a summary of your church’s receipts and disbursements, and the difference between the two.
This report is important to run before you run the year-end utility in the Finance module, as when you run your year end, income and expense accounts are reset to 0 for your new year.
The first step to running this report is choosing a fund. You can only run this report for one fund at a time unless you check the box for consolidated.
Before we proceed to the different formats of the Statement of Income and Expense, there are two terms you should familiarize yourself with to help you understand the various formats of the Statement of Income and Expense:
Actual: This is the amount that has moved through an account for the specified time period. You will have monthly and annual actuals. The sum of your monthly actuals for a year should equal your annual actual.
For more information on actuals, and how they tie in to your beginning balance, check out the article on Actuals, Beginning Balances and Balances.
Budget: This is the projected amount of income or expense over a time period. These are set on an account by account basis, and represent how much you expect to earn or spend for a month, or a year.
The next step is choosing one of the following formats:
» Current Month—This format shows you the income and expense for the current month and the year-to-date based on the month you choose. You can also run this report with or without the budget remaining column.
» Treasurer’s Report—This format shows the actuals for the month you choose, then the actuals and the budget for the year-to-date and the percentage of the budget you have remaining for the year.
» All Months—This format shows you one column for every month of the chosen fiscal year including a total in the last column. In those columns you can choose to report for either just the actuals, just the budgets, or actual less budget. The fourth option is to run budget vs. actual which adds a row for each line so that both the budgets and actuals can be shown.
» One Month—This format is different than the “Current Month” format in that it allows the printing of the chosen month as well as seeing the previous year’s totals. You can run this report using either the budget information for both years or the change in actuals for both years. The third option is running a five-year trend for the month which shows the current year and the prior four years for that month.
» Year-to-Date—The year-to-date format has the exact same options as the “One Month” format. The difference is that instead of running this report for a single month it runs for the entire year up until the current system date.
Having so many different formats to choose from, churches can find the statement allowing them to report to the congregation or council in the way that best meets their needs.
With all the formats this report contains, it stands to reason that there would also be several options for those formats.
There are certain options available for every report and those are listed below.
» Fund—Allows you to run the report for a specific Fund.
» Responsibility—Select any combination of Responsibility Codes. This is useful for printing out reports that go to budget committees or other groups that oversee portions of your receipts and disbursements.
» No color—Prints the report without using color.
» Include inactive accounts -- By checking this box, accounts that have been marked as inactive will be included in the generated report.
» Level of Detail — This drop box will let you select if you want to see figures for each major group, each minor group (with the option to see a subtotal for each major group), or figures for each individual account.
» Major/minor/account captions — This option will let you select how much of your Major Group, Minor Group or Account numbers you want to show per line. Name only will just show the name of the Major/Minor Group or Account, Partial Number and Name will just show the major group number, minor group number or sequence number and then the name of the Major Group/Minor Group/Account, and Full Number and Name for Minor group will first show the major group number the minor group is associated with, then the minor group number, then the name of the minor group. For accounts, You'll see the full account number, including Fund Number, Account Type Number, Major Group Number, Minor Group Number and Sequence number. The Full Number and Name option isn't any different than the Partial Number and Name option for Major groups.
» Budget Format — This option lets you select if you want to show the year-to-date budget (how much of the budget should have been used so far in the year) or the annual budget (The total budget for the year). The next drop box lets you select if you want to show Percent of Budget (Amount of the Budget that has been used expressed in a percentage) or Remaining Budget (The amount of the budget you have left over after when you compare your actual to your budget)
» Sort By — This controls if you want to show your report sorted by Number or by Name.
» Graph—You can also opt to run graphs showing 12 months of data for the following options: Income to Expense—Actual, Income to Expense—Net, Income Actual to Budget, Expense Actual to Budget.
- Find this report by going to “Reports” and selecting “Statement of Income and Expense.”
- Start by choosing the Format you want to use.
- Next choose the Fund. Certain formats allow you to consolidate all your Funds into one report.
- Then, depending on the format, choose either the fiscal year or month for which you are running the report.
- Pick the options you want for Level of Detail, captions, and possibly budget depending on the format.
- Click Preview to view the various reports.
- You can also export data for the following formats: all four of the All Month formats, the One Month: 5-Year Trend, and the Year-to-Date: 5-Year Trend formats.