What?! There’s a new version of YNAB coming? Yes. It’s YNAB 4, and it’s awesome. If you missed the announcement, you can catch it here. We talk about pricing, availability, etc.
The profit & loss statement is finally here. Accountants and other geeks unite!
I’m finding the Income v. Expense report particularly useful now that our business runs solely on YNAB.
As with the Net Worth report, you can filter to your heart’s content. With the Income v. Expense report, you can actually filter on categories and payees as well.
Income sources are broken down by payee, so you can distinguish between employer income of his/hers, or income from various freelance or contractor sources:
You’ll also notice the expand/collapse all buttons available on this report. I find it most useful to view everything collapsed and see how I’m doing at a higher level. However, if you need to drill down, the option’s there for you.
The Export option still works like a dream, exporting exactly what you see into a spreadsheet-compatible CSV file. This type of export may prove very useful were you to need to hand some documentation for your accountant for tax preparation.
All things said, this report has been a long time coming, so we’re excited to get it in your hands as part of YNAB 4. You’re going to love it.
Looks great! A couple of questions if I’d use YNAB 4 for business:
1) Could income to my business be categorized into different categories (sales of services within EU, sales of service outside EU, sales of products etc)? So that I also can get my income categorized (not only by payee) in the report in a similar way to the expense categories.
2) When I buy a product I deduct the 25% VAT, which I will get back later (just like I will need to pay back the VAT I get when I receive income). The tax should not be in the profit & loss statement (since receivable and payable VAT will be balanced in the tax report). How will that work in YNAB 4? That is, when entering the transaction, the net amount will go to the profit & loss report, but the VAT will not. That is, what is the equivalent of the balance sheet in YNAB 4?
So excited for this feature. I’ve missed this so much since converting from Quicken. I’m an accountant by nature and I can’t wait to geek myself out with the P&L!
This is the one feature that will make me upgrade. Cloud sync is a sweet extra (was already using Dropbox).
To add to my comment:
I use YNAB for my business. My accountant told me I should probably get a “real” accounting system like QuickBooks and my reaction was “no way!” This will help me convince him that I don’t need the bloatware.
I used to use quick books for the business. Bleh. YNAB is tearing it up for me when doing the business books. I wish accountants weren’t beholden to quickbooks by default.
Hello from Australia
Jason what you have put together in YNAB 4 is fantastic.
Being able to split your income sources is something I requested some time ago and so I am very excited to see it’s coming.
Waking up each morning the first thing I do is check my e-mail for the next post of what YNAB 4 has coming.
Can’t wait for the release. Hope to be the first Aussie to download it.
Thank you again for putting together such a great product.
Wayne
Terrific. I hated having to reformat the data in another application… could not see why capabilities for creating reports was missing in YNAB.
I’m a little embarrassed to admit how excited I am about YNAB 4.0…Can’t wait!
As a CPA, the reporting options are a dream come true! I have always loved YNAB 3 but it does fall short in the reporting area.
With YNAB 4, not anymore! Jesse, this looks great and can’t wait to get my hands on it. Thanks for all you do.
I use YNAB for my business. Updating the report capabilities will make it so much nicer. Looks like I will be able to tell more precisely where my money is coming from and where it is going. Just what I was wishing for!