Here is a clarification on whether the income statement report includes VAT.
The answer:
A statement that shows revenue from sales, deducts expenses and costs from it, so that you get your net profit or loss.
It helps you know:
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Are you making a profit or a loss?
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How much profit did you make from sales during the period?
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What are the items that affect your profit?
Here are some notes about the report:
- The income statement report shows values excluding VAT.
- To find out the VAT amount, you can review the VAT account statement from the reports.
- You can also view the tax sales invoices report and tax purchase invoices to learn details about VAT related to sales and purchases.
