Income statement and financial position

Income statement and financial position with the integrated accounting ERP system:
income list: -
It is a list that expresses the revenues of a specific period and the expenses of this period in order to determine the net profit or loss for that period. Therefore, we write the income statement for the ended fiscal year.
Or it is a statement, report or list that shows the result of the business of the facility during a certain period of time.
Income statement items:
1- Expenses (operating expenses - general and administrative expenses … etc.)
2- Revenues The objective of preparing the income statement: to know the result of the company's business (profit - loss) during the financial period.
Therefore, when preparing this list, the revenues for the period prepared for it are determined, and thus the expenses related to it are determined

Statement of financial position:-
It is a list that expresses the assets (the company's property) and the liabilities (the obligations of the company) as well as the property rights at a specific moment, so we write the list of the financial position.
Or it is a statement that shows all account balances of assets, liabilities and owners' equity.

The difference between the income statement and the statement of financial position:
It is worth noting that the difference between the income statements and the financial position is clear, and this is in terms of the principle of its formation. The income statement is created to reveal the results related to an ended financial period for an organization, and it shows within it all revenues, expenses, profits, losses, earnings per share, and others. As for the statement of financial position, its role is limited to revealing what The resources owned by the enterprise and the consequent obligations towards the rest of the resources at the end of the financial period in addition to the assets, whether cash or other, and all the accounts owned by the enterprise from suppliers, loans and facilities
It is possible to extract the income statement and the financial position from the integrated accounting ERP system during a specified period of time easily with the possibility of choosing the level of accounts according to the arrangement of the levels of accounts in the tree of accounts.