COPYRIGHT © 2007 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license Glenn Owen Using Peachtree Complete for Accounting 1st Edition Glenn Owen Chapter Three Preparing an Income Statement and Statement of Retained Earnings Using Peachtree

Using Peachtree Complete 2007 for Accounting, 1st edition2 Chapter 3 Income Statement Revenues Expenses A specific period

Using Peachtree Complete 2007 for Accounting, 1st edition3 Chapter 3 To create and print a standard Income/earnings income statement Open the file Set the date. Click Reports and then click Financial Statements. Double-click Income/Earnings. Be sure the Print Page Numbers and Show Zero Amounts check boxes are unchecked. Click OK. The resulting combined income and retained earnings Click Print from the button bar and then click OK to print this report.

Using Peachtree Complete 2007 for Accounting, 1st edition4 Chapter 3 Financial Statement Wizard

Using Peachtree Complete 2007 for Accounting, 1st edition5 Chapter 3 Basic and Comparative Income Statement

Using Peachtree Complete 2007 for Accounting, 1st edition6 Chapter 3 Adding a Percentage to an Income Statement

Using Peachtree Complete 2007 for Accounting, 1st edition7 Chapter 3 Investigating Revenues Note that the Trans Description column is truncated (shortened) and thus not all text can be read. Note the balances are all showing negative. That’s because they’re credits!

Using Peachtree Complete 2007 for Accounting, 1st edition8 Chapter 3 Printing the Income Statement Click Setup from the button bar, choose Landscape Orientation, and then click OK. If the report still won’t fit on one page, change the column size of the Ref column, the Debit Amt, and the Credit Amt columns until the dotted blue vertical line on the right side of the screen disappears indicating the report will fit on one page. Click Print on the button bar and then click OK in the print window to print this resized report. Click Close to close this window but don’t save the changes. Alternatively, Peachtree lets you turn off the truncating feature for this report thereby wrapping text around a column. Reopen the general ledger report for a revenue account (Design and Planning), click Options from the button bar. Uncheck the Truncate Transaction Description check box and then click OK. Click Print on the button bar to print this reconfigured report.