Personal Budget Software Apps Income vs Expenses Report
Applies to Excel template: "Georges Budget for Excel"
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Benefits of the Income Statement reports in Budget Apps and Excel budget templates
Many budget apps and other personal finance software apps focus on spending and rightfully so, since most people want to find ways to cut spending spending and start saving money, no matter what their income or how much money they make.
However, in addition to cutting expenses, making money, and keeping track of how much money you make biweekly, monthly, or yearly is equally as important since one goal of managing your personal finances should be to earn more than you spend so that you will have money left over to save and if needed to pay off debt.
The Excel checkbook software and budget template, Georges Budget for Excel allows you to track your paychecks and other income by entering the transactions in the Excel checkbook registers and assigning those transactions to an income category. Expenses are also entered into the checkbook registers and assigned to an expense category.
Once the transactions are categorized in the Excel checkbook registers, the Excel budget spreadsheet formulas will automatically calculate the income and expense reports based of that data. Whether using a free budget app or a simple Excel budget template, tracking both your income and expenses will hep you get a better view of your personal finances.
How to use the Yearly and Monthly Income Statement Reports of Georges Budget for Excel
The Yearly Income Statement and the Monthly Income Statement are located in the Accounts Summary worksheet of Georges Budget for Excel.
The Yearly Income Statement report is a summary report that shows your total income less your total expenses and net amount for the current year and the prior year. It does not include any detailed data such as the yearly budget vs actual categories report since it is aimed at how you are doing overall. The Yearly Income Statement report only shows actual amounts not budgeted amounts.
The Monthly Income Statement report is a summary report that shows your total income less your total expenses and net amount for the current month and the prior month. It does not include any detailed data such as the monthly budget vs actual categories report since it is aimed at how you are doing overall. The Monthly Income Statement report only shows actual amounts not budgeted amounts.
Both the yearly and monthly income statement reports include Excel charts so that you can easily visually see how you are doing and the underlying data for the Excel charts to help your better manage your personal finances and budgeting.
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