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Understanding the Profit & Loss Report

Profit & Loss, also called the Income Statement, shows your business's net profit by summarizing revenue and expenses over a chosen time period.

Steps

  1. Go to Reports, then click View report under Profit & Loss (Income Statement).
  2. Choose a date range using the preset dropdown (Today, This Week, This Month, This Quarter, This Year, Last Month, Last Quarter, Last Year, or Custom Range) and the From/To date fields.
  3. Choose an accounting basis from the dropdown: Real Time, Accrual (Paid & Unpaid), or Cash Basis.
  4. Click Update Report to refresh the figures.
  5. The report displays Income, Cost of Goods Sold, Gross Profit, Operating Expenses, and Net Profit, each as a collapsible section with a running total.

Good to Know

Related Articles

  • Understanding the Balance Sheet Report
  • Understanding the Cash Flow Report
  • Exporting and Sharing a Report

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