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🎯 Objective
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Income statement is the most important financial statement to generate. Supporting argument: this is the closest to what LiteFarm shows now in a non-exportable fashion.
Financial statements should be exported in xlsx. Supporting argument: xlsx allows complex manipulation and can be easily converted to other formats.
\uD83C\uDF1F Milestones
Summer 2023 to include (from highest to lower priority):
Add revenues flow V2.0
Generate income statement
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\uD83D\uDDD2 Requirements
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Question | Answer | Date Answered |
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When you say “income statement” you mean the ability to export a report? Do we want to make it as a statement, meaning we would have expenses a -N and inocme as +N | An income statement means a very specific thing: https://online.hbs.edu/blog/post/income-statement-analysis https://online.hbs.edu/PublishingImages/Company-B-Income-Statement-version2.jpg |
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Is income and revenue the same thing? | Yes; income and revenues are both money coming into the farm. |
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We should decide if we are going to use “income” or “revenue” to align the wording of the finances flow. This also goes for “Generate income statement” or “export report”? We use “export” on the websitie already, so we should go for “export” and if we go for income, we would have “export income statement”. And the last one, are we going for “statement” or “report”? | Agreed; we should see if users have a preference. I know in Spanish, we typically talk about “ingresos” so perhaps we go with the closes to that. “Income statement” is a very specific document (which ironically typically has revenues on it). | |
Export as pdf and xlsx? | Both if possible. Otherwise xlsx first so that users can modify it post-export. |
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Income categories:
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We should consider Livestock related income, for future release. | Yes, I think we’ll probably modify revenues / expenses as part of the livestock scope when we work on that module. |
Out of Scope
This module will be released over time as part of several different releases. Scope may change over time.