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📊 Revenue

What it is: The total amount of money your business earned from selling its products or services during the year — before subtracting any expenses. This is sometimes called Total SalesTop Line, or Gross Revenue.

Where to find it:

  • Bookkeeping software: Run a "Profit & Loss" (P&L) or "Income Statement" report → look for the top line labeled Total IncomeTotal Revenue, or Sales
  • Tax return (Canada T2): Schedule 125, line "Sales and other revenues" → Total revenue
  • Tax return (US Form 1120): Line 1c "Total receipts"
  • Year-end financials: Top of the Income Statement / Statement of Operations

GAAP note: Under GAAP (ASC 606), revenue is recognized when it is earned, not necessarily when cash is received. If you use accrual accounting (which most accountant-prepared statements do), use the figure from your financial statements, not your bank deposits.

Example: Your software business invoiced $1.2M in subscriptions in 2024 and collected $1.1M in cash. Your GAAP revenue is $1,200,000 (what was earned), not $1.1M.