In bookkeeping systems, does the “income summary account” have a standard number in the “chart of accounts”?
The Income Summary Account is a clearing account used only at the end of the accounting period to summarize revenues and expenses for the period. After transfering all the revenue and expense account balances to the Income Summary Account the balance in the Income Summary represents the net income or net loss for the period closing or transfering the balance in the Income Summary Account to the Retained Earning Account results in a Zero Balance in the Income Summary Account. So, No it would not have a standarized number in the Chart of Accounts.
