Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get a Free Invoice Statement Template
If you want your business to thrive, you’ll need a straightforward way to track ytehour numbers. Good news is, the free invoice statement template from FreshBooks is here to help you get a grasp on your bookkeeping.
You can download your free income statement template in the format that suits you best. If you like using spreadsheets, you can use the free Microsoft Excel or Google Sheets invoice statement to get started.
With the free income statement excel template, you’ll gain access to a helpful income statement formula. This can be hugely rewarding if you don’t have the time or means to structure one yourself.
The blank income statement has customizable fields for you to plug in your revenue and expenses. From there, you can calculate your profit or loss for the given period. A profit or loss statement is a crucial component of understanding a company’s financial health and can assist when making important decisions on how to run a business.
Some business owners even create monthly income, quarterly or yearly statements. No matter how often you want to calculate your profit or loss, the FreshBooks income statement example will be a helpful resource for you.
Available for download in .DOC, .PDF, .WORD, Google Docs and Google Sheets.
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Take bookkeeping into your own hands with FreshBooks income statements.
What is an Invoice Statement?
An invoice statement is an accounting report that is used to list your net income or business expenses, which would be either profit or loss. This statement is also commonly referred to as a “profit and loss report” or “P&L” statement.
You can generate an invoice statement whenever you choose, but they are typically used to report your business’s financial activity during a designated accounting period, such as per month, quarter, or year.
The invoice statement template serves as a great guideline to make sure you’re including all of the proper information on your income and expense statement.
“I’ve been using FreshBooks for 6 years and love how the design, functionality, and platform has grown with me.”
Kathleen Shannon
Co-Host of Being Boss
Are you ready to take control of your business accounting? The cloud accounting software from FreshBooks will get you there. Create invoices and other business reports with ease as you take your accounting on the go.
Access FreshBooks from your smartphone, tablet, or laptop as long as you have a wifi connection. Accounting has never been more convenient.
“FreshBooks has helped me to simplify my bookkeeping without the stress”
Why Use an Income Statement?
The success of your business depends on you making informed decisions. That’s why having your business financials organized and on-hand is one of the best things you can do to get started on the right track.
An income statement will show you exactly what your net profit is and will help you determine whether you need to decrease your costs or increase your revenue to stay in the black. Sound simple? Use the FreshBooks income and expense template to get started.
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How Do I Fill in an Income Statement?
Want to create your own Income Statement in minutes? Simply download the financial statement template and follow the steps below to get started.
Choose a File Format
Choose one of our invoice statement template formats.
Download Template
Once you’ve chosen which template to use, download it to your device.
Add Your Branding
Add your business name and logo at the top. Change the fonts to match your branding.
Fill in Revenue
Create revenue subcategories. Fill them in and calculate total revenue.
Fill in Expenses
Customize the expense subcategories and fill them in. Calculate the total costs.
Calculate Net Income
Determine whether you’ve made a profit or a loss. Subtract expenses from revenue.
Check Out Our Other Accounting Sheets
There is more to accounting than determining if you’ve turned a profit. You need to see where each dollar has come from or gone to. That’s why FreshBooks provides a number of other sample accounting sheets.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
Ready to automate your bookkeeping?
Benefits of FreshBooks Accounting
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Get Started with FreshBooks
If you’re ready to take control and automate your bookkeeping, it is time to sign up for FreshBooks. Try risk-free for 30 days.
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get Your Free Bank Reconciliation Template
Ready to create detailed accounting reports? Download your bank reconciliation template from FreshBooks to get started.
Once you’ve downloaded your template, simply input your business name and information in the header. Then, get to work plugging in your numbers. Many business owners choose to create financial reports for set periods of time, for example, per month, quarter or year.
Get started customizing your bank reconciliation template?
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What is a Bank Reconciliation Sheet?
When you send or receive money, there is often a lapse between the time it exits one account and enters the next. This is the case for payments in the form of both electronic transfers and checks. When this happens, the two accounts will have different time stamps for the transactions.
Bank reconciliation is part of double-entry accounting. It records money leaving one account and entering another. The purpose of this is to avoid confusion if there is ever a need for the sender and recipient to compare transactions.
“I’ve been using FreshBooks for 6 years and love how the design, functionality, and platform has grown with me.”
Kathleen Shannon
Co-Host of Being Boss
Did you know that FreshBooks has a mobile app for both Android and iOS? You can take your accounting on the go. Access your FreshBooks accounting portal from anywhere with wifi. Collaborate with team members anywhere in the world. Accounting has never been this convenient.
Get started with your 30 day risk-free trial?
“FreshBooks has been a lifesaver since I took over my business’s accounting. Love it!”
Why Use a Bank Reconciliation?
Double entry accounting—the advanced accounting method that bank reconciliation fall under—is used to clear up any discrepancies between books. Account reconciliation sheets are used to demonstrate when money has left one account and entered another.
This accounting method is particularly useful when it comes to avoiding confusion and miscommunication between you and your clients. For example, if your client sends you money on Monday, their account will reflect that the money was sent on Monday. However, banks typically take time to process payments so the money may not show up in your account until Tuesday. It’s important that this discrepancy is recorded.
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How Do I Use a Bank
Reconciliation?
Choose Your Format
Decide which format works best for you.
Download Template
Download the accounts reconciliation template from FreshBooks.
Add Your Business Info
Add your logo, business name and other business information.
Account for Deposits
Record the initiation and completion of payments you’ve received.
Account for Payments
Make a note of the initiation and completion of payments from your account.
Check for Discrepancies
Read over and check the report a final time to find errors or discrepancies.
Download Accounting Reports Templates for Free
If you are taking accounting into your own hands, the first step is identifying what sort of report you need. FreshBooks offers a collection of accounting report templates to help you start off on the right foot. Download the templates to start putting together your business reports.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
A one stop shop for all of your accounting
Leave Your Bookkeeping to FreshBooks
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Manage Your Books with FreshBooks
FreshBooks invites you to learn about the powerful accounting software by trying it risk-free for 30 days. Are you ready to try FreshBooks?
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Download the Free Billing Statement Template
Keeping your clients in the loop about their account activity is important. With the help of the sample billing statement from FreshBooks, you can create detailed and professional billing statements for free.
The templates are available for download in Excel, Microsoft Word, PDF, Google Sheets and Google Docs. They are formatted to work with the program of your choice to make customization a breeze.
Create itemized billing statements without the headache with ready-made templates from FreshBooks.
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Get started with FreshBooks accounting software today. Try risk-free for 30 days.
What is a Billing Statement?
A billing statement – otherwise known as an account statement – is a document that lists all charges made to a client’s account over a given period of time.
It’s different from an invoice in that it is not sent to notify clients of what they owe. It is simply to let them know how much they have been billed by your company in the past.
A comparable document would be the credit card statement that you receive every month to notify you of all of the charges that have been made.
“It’s beautiful and really well designed. The invoicing, accepting online payments and keeping track of expenses couldn’t be simpler.”
Roman Mars
Creator & Host of 99% Invisible
The ability to work from your phone is so convenient. With that in mind, FreshBooks designed an app that will enhance the way you do your accounting. The app is available on both iOS and Android, and is compatible with most mobile devices.
Work from home, the office, a coffee shop or wherever there is a wifi connection. With FreshBooks, your business accounting is in your hands – no matter where you go.
“Using FreshBooks has changed the way I do bookkeeping forever.”
Why Use a Billing Statement?
Billing statements are great for communicating with clients and avoiding confusion. They give your clients a monthly or quarterly round up of all the charges that have been made to their accounts.
Creating and sending billing statements serves as both courtesy to a client and as a helpful file in your records. It allows you compare billing statements from different clients to see where your money is coming from each month. You can also analyze this information for insights to guide future business decisions.
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How to Fill Out a Sample Billing Statement
Need to create a billing statement? Create your first report with FreshBooks.
Download Template
Download the FreshBooks billing statement template in the format of your choice.
Determine Period
Decide what time frame your billing statement will cover. Choose either a monthly or quarterly.
Retrieve Data
Collect all invoices sent to particular client during chosen timeframe.
Organize Data
Determine how you want to sort the charges. Many people sort them my date or category.
Input Data
Add all of the data you’ve collected into the template.
Review Report
Look back over your report and other documents to make sure you haven’t missed anything.
More Accounting Report Templates
Looking for additional accounting resources? FreshBooks has you covered. Download any of the customizable accounting report templates for free.
- Profit and Loss Templates
- Expense Report Templates
- Simple Balance Sheet Templates
- General Ledger Templates
- Income Statement Templates
- Billing Statement Templates
- Bank Reconciliation Templates
If you are looking to put your bookkeeping on autopilot, check out the FreshBooks cloud accounting software. This powerful accounting software generates all of the reports listed above with minimal effort.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
Ready to automate your bookkeeping?
Why Use FreshBooks to Create Billing Statements?
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Want to Learn More?
Try FreshBooks free for 30 days to make sure it’s the best solution for your business.
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get Your Free Balance Sheet Template
The balance sheet example from FreshBooks makes calculating your business equity simple.
Just download the free template and customize the form in seconds. Choose the file type that works best in your preferred program to keep things simple. You can use word processing programs like Microsoft Word, Google Docs or Excel. Spreadsheets are wonderful when it comes to organizing items and calculating numbers.
If spreadsheets work best for you, keep things simple with the balance sheet template Excel. With easy to use functions and familiar formatting, it guides you through the balance sheet basics to get you right where you want to be.
All of the report templates from FreshBooks are available for download in .xls, .doc, PDF, Google Docs and Google Sheets. The power to create the perfect balance sheet is in your hands.
With the balance sheet template Google Sheets provides, you’ll be filling in fields with ease. It keeps the spreadsheet format tidy and accurate, allowing you to balance numbers swiftly.
If you prefer a different format, the Google Docs balance sheet template is fully customizable and lets you arrange things in a format that works best for you and your needs.
You can even project future business growth or loss by using a balance sheet forecast template — letting you make the best decisions possible for the future of your company.
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Automate your accounting with FreshBooks. Manage your finances online in minutes.
What is a Balance Sheet?
A balance sheet is a financial report that lists your business’s assets, liabilities and equity. Your assets are everything that belongs to your business; for example, the money in your account, investments and physical capital. Liabilities are essentially debts. This could be money that you owe or products and services that have been paid for but have yet to be rendered. Equity is basically the net worth of your business. You can find that number by subtracting your liabilities from our assets.
A balance sheet organizes all of this information in a way that is easy to read and understand. You can create yours today with the help of the balance sheet template from FreshBooks.
“It makes my life so much easier. I wish I had this when I first started my business!”
Pat Flynn
Host of Smart Passive Income and AskPat 2.0
Accounting on the go? Yes, please!
Download the FreshBooks app on your smartphone or tablet to get started with mobile bookkeeping. The powerful cloud accounting software allows you to pull your data from wherever you’re at, as long as you have wifi. Pull automatically generated business reports or check invoice statuses right on the app.
Give yourself the gift of headache free accounting. You’ll be glad you did.
“The freedom to work on my books from anywhere is a game changer. FreshBooks is the best.”
Why Use a Sample Balance Sheet?
When it comes to accounting, creating financial reports with errors isn’t typically something you want to do. Good news is, the balance sheet templates from FreshBooks are here to help you out. When you follow a template, you’ll be sure to include the numbers you need.
The FreshBooks balance sheet sample will save you time and money on your accounting. Download the template in the format of your choice, and customize it to fit your needs.
Want to automate your accounting and balance tracking? Let FreshBooks take over your books. Get started today.
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How Do I Use a Balance Sheet Template?
Checking your balances have never been easier. Fill out your balance sheet template to calculate your business equity in minutes.
Choose a File Type
Choose the format that you want to use to customize your balance sheet.
Download A Free Template
Download your free sample balance sheet from FreshBooks
Input Assets
Create a list of assets. Break them down by category.
Add Liabilities
What debts does your business have? Do you have services yet to be rendered? Add these to your sheet.
Calculate Equity
Subtract liabilities from assets to determine your business’s equity. Input it in the specified field.
Review the Information
Go over all of the data you’ve entered one last time to make sure you haven’t made any errors.
More Free Accounting Resources
FreshBooks offers a variety of free accounting templates for business owners like you who are trying to take their accounting into their own hands. These templates are helpful for businesses of all sizes. Get yours today.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
FreshBooks: Accounting Done Right
Balancing Your Books with FreshBooks
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Try FreshBooks for Free
Ready to learn more about FreshBooks? Try risk-free for 30 days to see if FreshBooks is the program for you. Let’s get started.
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get Your Free Expense Report Template
Not exactly sure what to include on your expense report? Don’t worry. The free expense report template from FreshBooks offers a detailed outline for what to add to each report. And, with the sample expense report, it’s easy to customize the file according to your needs.
Make an expense report fast by downloading the template. With so many options, you’re sure to find a format that you’re comfortable working with. It’s fast, simple and affordable.
Download your free template to get started now.
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What is an Expense Report?
An expense report is an accounting report that lists business-related expenses. Often times, employees are required to create and submit monthly or quarterly expense reports.
The collection of expense reports makes things simple for whoever is in charge or bookkeeping for your company, whether it is you or an accountant.
Expense reports are often accompanied by receipts to aid in tracking where every dollar was spent. The accuracy of this information is very important when it comes to calculating profit or filing taxes.
All business owners need some sort of expense report to ensure that the cost of their expenses are less than the amount of money coming in. It’s the surest way to stay in the black.
“I’ve been using FreshBooks for 6 years and love how the design, functionality, and platform has grown with me.”
Kathleen Shannon
Co-Host of Being Boss
Don’t you wish you could fit your accountant in your pocket so that you could stay on top of your books wherever you go? With FreshBooks, you can swap your accountant out for a powerful accounting software and make managing your books a breeze.
You can now access FreshBooks on your smartphone and other mobile devices. The FreshBooks mobile app is available on both iOS and Android so you can take your accounting on the go.
“Discovering FreshBooks changed my business forever. It’s made accounting so convenient.”
Why Use an Expense Report?
Expense reports are very important, especially when you have several employees using your expense cards under your business’s name. You can have each employee create an expense sheet using the FreshBooks expense report template in just a few minutes.
When everybody takes care of their own expense reports, it saves you a ton of time. Instead of sifting through credit card statements and organizing charges to add to your P&L, you can pull the data from the prepared expense reports.
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How to Fill In an Expense Report
Choose a Format
Select your preferred format for your template.
Download a Template
Download your free expense report template from FreshBooks.
Pull Up Bank Statements
Open your records to find expense details.
Record Accounts Payable
Write down all accounts payable, including all of your business’s expenses.
Add Up Expenses
Find the total of all of the expenses you’ve listed. Add them in the appropriate field.
Check for Errors
Closely read back through your expense report to make sure there are no discrepancies.
More Accounting Report Templates
Accounting is a bit more than tracking expenses; there are other reports that you need on file. FreshBooks has templates to meet your every need.
Check out the free accounting templates from FreshBooks.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
The one stop shop for all of your accounting needs
Benefits of Using FreshBooks
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Ready to Learn More?
Now is the time to start your free trial of FreshBooks to see how life changing cloud accounting software can be. You’ll be glad you didn’t wait.
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get Your Free Profit and Loss Template
Downloadable, customizable and free? Sounds like a profit and loss statement template sent from the clouds.
The FreshBooks profit and loss template is simple to use. Download the form in Google Sheets, Google Docs, PDF, .DOC or .XLS in seconds. Fill in the blank fields to create the perfect report. With all of the required information broken down on the sheet, you’re able to avoid costly mistakes and save money in your business.
Creating accounting reports has never been so simple. Get your profit and loss template today to see for yourself.
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What is a Profit & Loss Statement?
Knowing whether or not your business is profitable is important. You need to determine whether your revenue is higher than your expenses, and whether you are actually making a profit. Profit and loss statements help you to figure out if you’re in the black or in the red.
A profit loss statement includes three main sections: expenses, revenue and net income.
Revenue refers to money coming in. This is what people (clients or customers) are paying you. Expenses are costs associated with operating your business. That’s what you’re paying other people and businesses. Net income is the difference between these two numbers.
If you subtract your expenses from your income, that is your profit. Whether you have a positive or negative balance lets you know if your business is profitable.
“It’s beautiful and really well designed. The invoicing, accepting online payments and keeping track of expenses couldn’t be simpler.”
Roman Mars
Creator & Host of 99% Invisible
Remote work is becoming more and more popular. Afterall, the ability to work on your own time is pretty convenient. To assist in bookkeeping for business owners on the go, FreshBooks provides cloud accounting software that’s designed to be used outside of the office.
With the mobile app and cloud storage, you can access your business’s accounting information from anywhere, as long as you have a wifi connection.
Send invoices, collaborate with your team and automate your P&L statements with FreshBooks.
“Joining FreshBooks has changed the way I’ll approach bookkeeping forever.”
Get Your Free P&L Template From FreshBooks
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How Do I Create a P&L?
Ready to create your P&L with the template from FreshBooks?
Choose a Format
Decide which profit and loss template format you’ll use.
Download the Template
Download your free profit and loss template from FreshBooks in seconds.
Enter Revenue
Add your revenue numbers in the appropriate field.
Enter Expenses
Input all of your business expenses.
Calculate Net Income
Subtract your expenses from your revenue to calculate net income.
Determine Profitability
When net income is positive, your business is profitable. If it’s negative, you’re operating at a loss.
Additional Free Bookkeeping Resources
If you are looking for all of the accounting templates you’d ever need, you’re in luck. FreshBooks has created templates for all sorts of financial reports to help you manage your accounting with ease.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
Manage your accounting like a pro
Why Create P&L Statements with FreshBooks?
Detailed Reports
Cloud Storage
Automated Invoicing
Co-Working Portal
Accounting on the Go
No Binding Contracts
Tired of templates? Want Automated P&L?
Sign up for your free trial and create all the accounting reports you need with FreshBooks.
Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get Your Free General Ledger Template
Not sure how to create a general ledger? Simple. Get started by downloading the free general ledger template from FreshBooks as your guide.
This customizable template shows you exactly what you need to include on your ledger sheet. Available for download in Google Docs, Google Sheets, .XLS, .DOC and PDF, it makes it easy for you to tweak according to your needs.
If you prefer to work on paper, you’re in luck. FreshBooks has a printable accounting ledger for people who still like to do their accounting the old-fashioned way.
How Are Ledgers Used In Accounting?
Bookkeeping ledgers are compilations of financial accounts for a business. They are a crucial component of any healthy business, as they assist in keeping a company running smoothly and making sure that all of the financial accounting details are correct.
There are several types of ledger book formats, with the main bookkeeping ledger being a general ledger (also referred to as a master sheet). This is used to generate financial statements for a business, such as a balance sheet or an income statement.
What is an Asset Ledger?
Asset ledgers are detailed sections regarding the company’s financial records specifically relating to the asset portion of the balance sheet, without tracking any of the expenses. This can save time when creating a general ledger, as all of the assets have already been accounted for.
Finding The Right Bookkeeping Ledgers Format For Your Business
Figuring out the right bookkeeping ledgers format can be tricky, but it doesn’t have to be.
FreshBooks provides several types of template ledger book formats that can streamline your accounting for you and guide you through the process.
Our well designed ledger account sheets are clearly organized, allowing you to fill in your required financial details easily and accurately.
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What is a General Ledger?
A general ledger is the master sheet of all of your business accounting. It shows all of the transactions that have been made in your business’s account since the moment it began.
These transactions are organized to help you understand the total of the money you’ve earned and the expenses you’ve paid.
The balance of a general ledger reflects the difference of credits from debits. You subtract the total number of debits from the total number of credits to get this figure. Having this information helps you make more informed business decisions.
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Why Do I Need a General Ledger Template?
A general ledger is an important document in your business files. It records and organizes all payment activity between your business accounts. You need a general ledger to show you the big picture of your business’s finances and growth.
General ledgers are used to help business owners decide which moves to make next in their businesses. When you know how much you’ve made, what your expenses are and how much profit you’ve made, you’re in a better position to invest back into your business.
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How to Fill Out a General Ledger Template
Create your general ledger sheet in seconds with the downloadable template from FreshBooks.
Download Template
Download your free general ledger template from FreshBooks.
Gather Records
Pull all business records that contain the information you need to create your general ledger.
Sort Data
Organize the data that you need to log in your general ledger sheet.
Input Data
Log all of your data in the appropriate fields listed on your general ledger template.
Review for Errors
Make sure you haven’t made any typos or calculation errors. This could throw off your report.
Analyze Your Findings
Use your findings on your general ledger to help you make better business decisions.
More Free Accounting Resources
General ledgers may be the master of all accounting reports, but there are several reports that will help you generate your general ledger.
FreshBooks has created a collection of free accounting report templates to help you take control of your accounting.
Frequently Asked Questions
What does a billing statement include?
A billing statement, or statement of account, includes all of the charges made to a specific account during a given timeframe. Having this on record helps you and your clients stay organized.
How often are billing statements sent?
Since billing statements are used to give clients a rundown on all charges made to their account, you want to send them relatively often. Monthly is ideal, but you may also choose to send them quarterly account statements, depending on the nature of your services.
What is the difference between a billing statement and an invoice?
A billing statement doesn’t typically require action, but an invoice does. An invoice lets a client know how much they owe and a billing statement lets them know how much they’ve been charged in a the past.
Are account statements and billing statements the same thing?
Yes. Billing statements are often used when financial services are rendered, but you can the statement either an “account statement” or a “billing statement”.
Does the FreshBooks cloud accounting software generate billing statements automatically?
Yes. Billing statements are generated based off of the invoices that you’ve sent to a particular account during the given period. FreshBooks accounting software does this for you, all within a single easy-to-access online portal.
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Why Create General Ledgers with FreshBooks?
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