This article explains the Budget vs. Actual Income Statement comparison report in Qoyod, which compares the estimated values in budgets with the actual values achieved, and displays the variance for each period.
Path in Qoyod
Reports › Budget vs. Actual Income Statement Comparison
What Is the Income Statement
A financial statement that shows the results of an entity’s operations during a specific period, including revenues and expenses, with the goal of determining net profit or net loss. Revenue and expense accounts are closed at the end of the year and are not carried forward to the next year.
Steps
- Open “Reports” and click “Budget vs. Actual Income Statement Comparison”.
- Set the settings (see the next section).
- The report appears according to the selections.
Report Settings
- Income Statement Date.
- Comparison with a Previous Period: last month (the previous quarter will be available soon).
- Period: number of periods to compare (from 2 to 13 periods).
- Level: account level or display by account type only.
- Budgets: select the desired budget to compare its estimated values with the actual income statement.
Report Content
For each period, the report displays three columns:
- Actual.
- Estimated.
- Variance: calculated as (Estimated minus Actual) for each period.
Totals are also shown for gross profit, net income before interest, tax, and Zakat, and net profit.
Export the Report
The report can be exported to Excel or PDF.
Notes
- The report relies on showing accounts that have actual movements in the income statement. Other accounts in the budget will not appear if they have no actual movement.
