Is there a way to customize the Accounting Statement (Specifically P&L) so it displays in a GAAP format to include the following fields:
Profit / Income Before Taxes(calculated as Income - Expenses)
Net Income (Profit - Income Tax)
As a workaround, I have currently setup the Chart of Accounts to include an Expense (Called Income Tax), so “Profit For The Year” is actually Net Income (after Taxes). We manually add the tax back and calculate the Profit before Taxes. I would like to be able to rename this as Net Income. Is that possible?