5 Best FREE Google Sheets Income Statement Template & How to Create One [2024]

Tracking finances is crucial for both individuals and businesses.

One essential tool for maintaining your financial health is the income statement, which summarizes the revenue, expenses, and profits over a given period. It provides valuable insights and helps you make informed business decisions.

Professionals rely on spreadsheet programs to manage expenses, track inventory, optimize workflows, and much more.

In this article, let us dive into the world of best-in-class Income Statement Google Sheets templates. We will discuss our top picks and a step-by-step guide to creating an income statement from scratch.

Why are Google Sheets Income Statement Templates a Game Changer?

Google Sheets is one of the top spreadsheet programs to organize and manage datasets in tabular form.

Here are a few of the benefits of tracking income using Google Sheets:

Robust Reporting – Google Sheets boasts hundreds of tools and functions to summarize complex datasets into easy-to-use tables, graphs, charts, etc. You can create a comprehensive dashboard to quickly overview monthly, quarterly, and yearly financial growth.
Team Collaboration – You can share Google spreadsheets with unlimited users by assigning specific roles to each of them. Users can view, edit, or comment based on the roles assigned to them. Additionally, features like real-time collaboration and version history add up to make Google Sheets the best spreadsheet program for managing finances.
Ease of Use – With its beginner-friendly user interface, Google Sheets allows everyone to include complex features in their Google Sheets Income Statement. All of the powerful functions and tools are accessible right from the main menu of the program. In other words, the short learning curve lets you quickly add and edit information.
Extensive Customization – Google Sheets can be customized as per your preference. You can add brand elements such as logo, company name, colors, and much more. Adding features or highlighting specific parts of your income statement is also a breeze using Google Sheets.
Cost-effective – You can use Google Sheets for free. It is a part of the Google Workspace suite that includes Sheets, Docs, Slides, Forms, and much more. Everything is available for free to individuals and small businesses.
Accessibility – Compatibility with a wide range of devices, such as mobile and desktop, allows you to edit Google spreadsheets on the go. You can edit or add the information as long as there is an active internet connection.

The list doesn’t end here!

There are many benefits of using Google Sheets to manage your profits and losses over time. One of them is seamless integration with Google Workspace apps, which enhances your productivity.

Top FREE Google Sheets Income Statement Templates

While searching online, you will find that there are numerous income statement templates created using Microsoft Excel and Google Sheets.

We understand that it won’t be possible for you to check each one of them to find the right fit for you. So, our team has done the heavy lifting!

Here, we have compiled a list of top free-to-download income statements created using Google Sheets.

1. Income Statement by SoftwareAccoutant

Income Statement Template Google Sheets [SoftwareAccountant]

Click Here to Use This Template!

It is a professional-looking income statement worth giving a try for both beginners and advanced users.

Note that the template lets you compare financial health over the last two years.

Add your company details like name or logo, address, email, and phone in the header section of the table. You must select the current and previous year as well to ensure the proper working of this template.

It is automated using various formulas to calculate gross and net profit, total revenue, COGS, and expenses. Make sure you do not edit the cells that hold the formulas; otherwise, the template won’t work as expected.

You can download the above template for free and customize it as per your preference. Adding more rows and columns to include expenses and additional fields is a breeze. And don’t worry! Because all of the formulas are adjusted automatically.

2. Income Statement Template by Template.net

Click Here to Use This Template!

If you are not impressed by the previous template, then here is one more.

It allows you to add your company logo, date, responsible person, contact details, etc.

The rest of the things are almost similar. You can track revenue and expenses over the current and previous years.

There are two sheets in this template:

Income Statement Templates – This is the main sheet where you will be entering the components related to your revenue and expenses.
Employee Management – This is a complimentary template where you can list all your employees. The table from this sheet serves as the source for the dropdown in cell C6 of the first sheet.

This is one of the comprehensive templates to track a company’s financial health. It allows stakeholders to evaluate the profitability of their business quickly with built-in formulas.

The main sheet is divided into two main tables for recording revenue and expense elements. You can find the net income calculated automatically at the end of the template.

3. Sample Small Business Income Statement by Smartsheet

Click Here to Use This Template!

If you are looking for a simple income statement in Google Sheets, then look no further because this is the right fit for you.

Simply put, it is the most accessible tool for having a quick look at the cash flow of the business.

It is ideal for small business owners to analyze net income.

You need to start by entering the company name and current and previous year. Note that the template can be used to compare the financial performance over the past two years.

Make sure to add Revenue and Expenses components as per your requirements. The template uses formulas to automate various calculations, so ensure that you check them every time you add a new row or column to the template.

4. Quarterly Income Statement Template

Click Here to Use This Template!

In contrast to the previous templates, this one allows users to track profits and losses quarterly.

The template includes a lot of tables and graphs to simplify cash flow management over the given quarter.

There are total sections in this template:

Income – It includes a table to record income from various sources and a chart to summarize your inputs over that specific quarter.
Cost of Goods Sold (COGS) – It is also similar to the previous one, where you can record COGS and visualize the total amount spent using a bar graph.
Operating Expenses – As the name suggests, all of your operating expenses, including rent, utility, wages, marketing costs, etc., should be listed here.
Other Expenses – These are miscellaneous expenses like interest rates, taxes, and more.

Every section includes an intuitive graph to summarize the information you provided.

The template is pretty straightforward. But make sure to spend some time exploring the features.

You can download the template and customize it as per your requirements. Make sure to add your logo, company name, etc., before sharing it with others.

So, if you are searching for a template to track your quarterly income, download it without giving it a second thought.

5. Monthly Small Business Income Statement Template by Smartsheet

Click Here to Use This Template!

This is our final pick on this list, focused on users searching for a monthly income statement.

You get the two sections to know your profits and losses.

Sales – Here, enter the number of customers and average sales per customer monthly. The template uses formulas to calculate total sales and gross profit.
Expenses – In this section, you can enter operating, payroll, and other office expenses that significantly contribute to your net income.

In the end, you will find the net profit calculated automatically using the built-in formulas.

If you scroll to the far right of the template, you will find yearly total sales, cost of expenses, and net income.

The template is best fit for small businesses, freelancers, and self-employed individuals.

It has a very short learning curve. You can start using this template to stay on top of your expenses within a few minutes.

How to create Profit and Loss Google Sheets Template

Google Sheets is a user-friendly spreadsheet program for both beginners and advanced users.

You can create a comprehensive income statement within a few minutes by following the following step-by-step guide.

We will create the following template,

STEP #1 – Creating Header

A header is an essential part of our Income Statement template that would help us convey the document type while sharing with others.

Apart from that, it also allows us to put the company information, such as the logo and name, to add more personalization.

Let’s begin.

Open a new Google Sheet by clicking here
Select the entire first row
Increase the height as per your preference
Choose the cell range “A1:C1“
From the toolbar section that sits below the main menu, click on the “Merge Cells” icon
Type “Income Statement“
Adjust the font size to 20
Change the font alignment to the middle
Make the font bold
Change the cell background to green (Hex Code – #00ac46)
Change the font color to white

Our header will look like below,

STEP #2 – Adding Current and Prior Year Tables

As we saw at the beginning, we are designing a template that compares the current year’s income, including gross and net worth, with the previous year’s stats.

Let us create a field where we can enter the current and previous years. We will also make sure these entered years automatically populate in the income and expenses tables of the template.

Here are the steps:

Click on the cell “B3“
Type “Current Year“
Next, choose the cell “C3” and type “Prior Year“
Now, select both the cells “B4” and “C4”
From the main menu, click on the “Data” tab
Select the “Data validation” option from the popup
You will see a new dialog box on the right side of the screen
Click on the “Add new” button
Next, click the dropdown below the Criteria option, as shown below
Select the “Is valid date” option from the popup
Press the “Done” button in the green

So, after this step, when you click on the B4 or C4, a calendar popup will appear. Refer to the following image.

Make sure you choose the first date of the current and previous year.

You may notice that the dates follow the format mm/dd/yyyy.

Let us change the above format and ensure it will display only the year:

Click on the cells “B4” and “C4”
Hover to the main menu and select the “Format” tab
Choose “Number” from the popup
Select the “Custom date and time” format from the list
A new dialog box will open, as shown below
Scroll down and select the format as shown in the following image
Press the “Apply” button

You should see the results as shown below.

STEP #3 – Creating a Table to Summarize Revenue

In this step, let us create tables to record revenue and expenses.

Before we jump in, we will increase the width of column A to ensure further layout.

Here are the steps to create a Revenue table:

Select the cell range “A6:C6“
Go to the toolbar section and click on the “Merge Cells” icon
Type “Revenue“
Now, in the cell B7, type the formula “=B4”
(This will make sure that the current year selected by you at the top of the template will reflect in the table automatically)
Similarly, let us select the cell “C7” and type the formula “=C4“
Now, click on the cell “A8”
Type “Sales Revenue“
Complete the table as shown below

This way, our table is almost ready. Now, let us make sure it will automatically calculate the sum of the revenue using the SUM function in Google Sheets.

Let’s begin,

Click on the cell “B12”
Type “=sum”
Select the first option from the popup or press the “Tab” key
Put the cell reference as “B8:B11
Complete the parentheses using “)“
Press “Enter” on your keyboard
Next, we need to apply the same formula to the cell “C12”
Select the cell “B12”, and you will see a Fill Handle icon. Refer to the following image,
Click on it and drag over the cell “C12”

You should see “0” in both cells B12 and C12. Refer to the following image.

Next, we need to format cells from the column B and C so that the values entered will be reflected as currency.

Select all the cell ranges as “B8:C12“
Go to the main menu and click on the “Format” tab
Select the “Number” option from the popup
Next, click on the “Accounting” from the list

When you enter any values in the cell range B8:C12, a dollar ($) symbol will appear before the number.

Lastly, let’s format the table to add some professional touch to it.

Click on the merged cells (A6:C6)
Change the cell background color to light green (Hex Code – #d9ead3)
Click on the cells B7 and C7
Change the cell background color to light gray (Hex Code – #f3f3f3)
Next, select all the cells from A8 to A11
Change the cell background color to light gray (Hex Code – #f3f3f3)
At the bottom row, select the cells from A12 to C12
Change the cell background color to light green (Hex Code – #d9ead3)
Now, to change the border color, select all the cells of the table,
Hover to the toolbar section and click on the Borders icon
Change the border color to light gray
Once you choose the color, the dialogue box will close automatically
Go to the toolbar section again and click on the “Borders” icon
Choose “All borders” from the main popup. Refer to the following image

Now, our revenue table is ready. Here’s how it looks.

STEP #4 – Create a Table to Summarize Expenses

To create the table to record expenses, we can follow the same process as the previous step. Here’s how it should look.

You can add the information (rows) as per your unique requirements in both revenue and expenses tables.

As you may have noticed, we are using the same color code for the tables.

STEP #5 – Calculate Profits and Losses

That’s all, and here comes the easiest final step to calculate the gross and net revenue.

We need to create a table, as shown below.

You can format it as per your preference by changing the font style and colors.

Make sure to follow the process of changing the cell formatting to currency, as mentioned in Step 3 of this article.

The gross profit is equal to the total revenue generated. So, we will use the following formula for the years 2024 and 2023 (our current and previous years).

=B12

And,

=C12

The net profit will be gross profit (total revenue) minus total expenses. Here’s the formula for calculating the net profit for 2024.

=B35-B31

Similarly, for 2023, we need to use the following formula.

=C35-C31

That’s it. Your Income Statement template is ready.

Here’s how it should look,

You can adjust the formatting to take the template aesthetics to the next level.

Download the Google Sheets Income Statement template we created using the above steps. We have formatted the template based on our knowledge and expertise in Google Sheets.

Click Here To Make A Copy!

You can download it for free and customize it as per your preference.