Generating Income Statement

1. Steps to Generate Income Statement in Tally Prime

To generate an Income Statement in Tally Prime, follow the steps below:

Step 1: Open Tally Prime

• Launch Tally Prime and select the company for which you want to generate the Income Statement (Profit & Loss Account).

Step 2: Navigate to Profit & Loss Account

• From the Gateway of Tally, go to:

• Display > Reports > Profit & Loss A/c.

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Alternatively, you can use the shortcut Alt + G to open the Go To menu and type "Profit & Loss" to access it directly.

Step 3: Set the Reporting Period

• The Profit & Loss report will default to the financial year. However, you can change the period by pressing Alt + F2 and entering the From and To dates to view the income statement for a specific period.
• Example: If you want to view the Income Statement for the month of April, set the period from 1-April-YYYY to 30-April-YYYY.

Step 4: View the Income Statement

• After selecting the reporting period, the Profit & Loss Account will display the business’s revenue, direct expenses, gross profit, indirect expenses, and the final Net Profit/Loss for the chosen period.

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