What is a income statement

Same as the Profit & Loss (P&L)

Welcome, @info55 and thank you for coming to the QuickBooks Community for assistance. I have some insight on Income Statements to pass along.

The income statement, also called the profit and loss statement, is used to calculate profits by comparing revenue to expenses. QuickBooks generates the income statement for you in just a few clicks. Because QuickBooks tracks and organizes all of your accounting data, you can easily generate reports to see where your business stands.

For how to create an Income Statement, click here.

If you have any other questions, I'll be here to help.

Can QuickBooks create a:
YTD detailed income statement showing on each transaction, the amount received, date received, and customer information?

There is not a Profit & Loss statement report in QB online.

It's a pleasure to see you here, @nonprofit23230. I'm here to share some information on how you can find the Profit and Loss report in QuickBooks Online.

Is your account configured to a non-profit organization? Reports varies depending on your subscription, as well as the company set-up. For a non-profit organization, the Profit and Loss report is termed as Statement of Financial Activity. This report shows the nonprofit organization’s income and expenses for a specific period. 

These steps will allow you to view your Financial Activity report:

1. Go to the Reports menu on the left panel.
2. Under the Business Overview section, select Financial Activities.
   
3. Modify the reporting period.
4. Click Run report.

To see the complete list of available reports for a certain subscription level, check out this article: Reports included in your QuickBooks Online subscription.

It's also a great idea to modify your report to focus on the details that matter the most, refer to this link: Customize reports in QuickBooks Online.

Should you need a hand customizing your reports, please know I'm always available here to help. Have a good one!

Thank you! I will check out that non-profit article.

Also, I have been running "Statement of Activity Report" as the Profit & Loss report.

As a new online user, it is difficult to follow the steps advised, when the step says "Profit & Loss" and the actual report is called "Statement of Activity".

Thank you so much for informing me that since I'm running QB as a nonprofit the Profit & Loss Report is actually titled Statement of Activity.