The income-expense statement is a simple and efficient tool for recording and managing the financial situation of a business or individual. With our free Excel template, you can always keep track of your finances.
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Table of Contents
- What is an Income-Expense Statement?
- Our Excel Template for the Income-Expense Statement
- How Does the Template Work?
- Preview of the Income-Expense Statement
- Free Download of the Income-Expense Template
- Other Excel Templates for Your Finances
- Frequently Asked Questions (FAQ) About the Income-Expense Statement
- What is an Income-Expense Statement?
- Who Needs to Prepare an Income-Expense Statement?
- What is the Difference Between an Income-Expense Statement and Double-Entry Bookkeeping?
- What Types of Income and Expenses Should Be Recorded?
- Is the Excel Template Suitable for Tax Filing?
- How Often Should I Record My Income and Expenses?
- Does the Template Include Automatic Calculations?
- Can I Use This Template for Personal Budgeting?
- How Can I Download the Excel Template?
What is an Income-Expense Statement?
An income-expense statement is a straightforward method of accounting, particularly suitable for small business owners, freelancers, and individuals. It compares income and expenses to determine financial profit or loss. Unlike double-entry bookkeeping, it only accounts for actual cash flow.
Our Excel Template for the Income-Expense Statement
Our template provides a user-friendly and clear structure with the following features:
- Input area for income (e.g., sales revenue, fees, other income)
- Input area for expenses (e.g., rent, material costs, advertising, miscellaneous)
- Automatic calculation of balance
- Monthly and annual evaluations
- Graphical representation of income and expenses
How Does the Template Work?
- Download the file: Download the Excel file at the end of the article and open it with Microsoft Excel or another spreadsheet software.
- Remove demo values: Demo values are pre-entered. Please delete them—but do not touch the gray fields! These contain integrated calculations that automatically populate.
- Enter data: Input your monthly income and expenses. You can choose to enter amounts as gross or net. For U.S. users, note that gross typically includes sales tax (if applicable), while net excludes it.
- Automatic calculation: Totals and balances are updated automatically. As mentioned above, calculated values will appear in gray fields.
- Evaluation: Analyze your finances using the integrated chart on the “Overview” tab.
Preview of the Income-Expense Statement
Free Download of the Income-Expense Template
Use our free Excel template for a simple and effective income-expense statement. Download now to keep your finances under control!
If you like my templates, I’m looking forward to a little donation 🙂
Other Excel Templates for Your Finances
- Advance Invoice Template
- Travel Expense Report as an Excel Template
- Household Budget as an Excel Template
- Excel Template for Interest Calculator
- Stock Portfolio Tracker with Excel Template
Frequently Asked Questions (FAQ) About the Income-Expense Statement
What is an Income-Expense Statement?
An income-expense statement is a simple accounting method that records and compares income and expenses. The profit or loss results from the difference between these amounts.
Who Needs to Prepare an Income-Expense Statement?
This method is often used by small business owners, freelancers, and self-employed individuals who are not required to use double-entry bookkeeping. In many countries, including the U.S., it is sufficient for businesses with low revenue.
What is the Difference Between an Income-Expense Statement and Double-Entry Bookkeeping?
The income-expense statement is simpler, as it only records actual cash payments received or made. Double-entry bookkeeping requires detailed tracking of accounts receivable, accounts payable, and inventory.
What Types of Income and Expenses Should Be Recorded?
Record all business-related income and expenses, such as:
âś” Revenue from sales or services
âś” Material and merchandise purchases
âś” Rent and utilities
âś” Office supplies and software
âś” Insurance premiums and taxes
Is the Excel Template Suitable for Tax Filing?
Yes, you can use this template to create an overview of your business finances. Depending on your country (e.g., U.S.) and tax authority requirements, you may need to transfer this data into official forms.
How Often Should I Record My Income and Expenses?
It’s recommended to make entries regularly (e.g., monthly or weekly) to maintain an up-to-date overview of your finances.
Does the Template Include Automatic Calculations?
Yes! The template automatically calculates totals for your income and expenses and displays your profit or loss.
Can I Use This Template for Personal Budgeting?
Yes, this template is also suitable for personal financial planning, helping you better track everyday income and expenses.
How Can I Download the Excel Template?
You can download the template free of charge via the download button on this page—no subscription or registration required!