Income & Expenditure Statement is suitable for organizations which do not engage in trading of goods or services. For such organisations, the books of accounts generally comprise of only the sources of income, and expenditure, earned/incurred during a given period. This is useful for non-profit organizations such as trusts, educational institutions, NGOs, hospitals, and so on.
You can toggle between Income and Expenditure Statement and Profit & Loss A/c by pressing F11 on the keyboard, and setting the option Use Income and Expenses A/c instead of Profit and Loss A/c? to Yes/No as, as required.
The report menu the displays the Income & Expense A/c instead of Profit & Loss A/c. The Reports menu appears as shown below:
The Income & Expenditure Statement appears as shown below:
'Income and Expense Statement instead of Profit & Loss Statement' has been shared with