Superannuation

Income statement

Statement purpose
This statement calculates net accounting income or loss for the period. The net accounting income or loss amount (before distributions) for the period is the starting point in the calculation of the taxable income for the period.

Explanation of fields

The statement enables income and expense items to be split into domestic and foreign components.

Data flow

You can import trial balance data from the general ledger to populate the amounts in this statement and manually adjust them using the
Adjustment
 column as needed. Alternatively, all income and expense information can be entered manually.

Signage

The signage settings are as follows:
  • Income
     amounts are entered as
    positive
     amounts.
  • Expense and loss
     amounts are entered as
    negative
     amounts.
  • A
    net accounting income
     is
    positive
    .
  • A
    net accounting loss
     is
    negative
    .

This article applies to:

  • Product: ONESOURCE Corporate Tax