How to Make an Income Statement

Are you looking for an easy way to create an income statement to keep track of your earnings? The following step-by-step guide will help you make an income statement that is easy to understand and refer back to.

Create a new document in your favorite word-processing program.

Insert a table in your document. Your table should have a total of six columns.

Name the six columns as follows, in order: Date, From, Description, Paid, Paypal Fee (if you accept payment for your products/services through this payment provider) and Total Earnings.

Gather records of all your current income for this year.

Fill in each column that you just named based on your current income.

Add an additional row, then "Merge" it.

Name your additional row "Grand Total." This will be the grand total of all your income, which you will add together at the end of this year.

Save your income statement on your computer. Also print out a copy to keep nearby. If you follow the procedure detailed here, you will find it a whole lot easier to do your taxes once tax season hits again. Plus, if you ever need to refer back to your income statement for any reason, you will discover that the information will be much more organized and easier to locate.

Tips

  • Each time you earn more income, add a new row above the "Grand Total" row. Then fill in the columns with the correct information. Continue doing this until you reach the end of the year.