Profit & Loss Statement

The Profit & Loss (P&L) statement, also known as the Income Statement, summarizes your company's revenues and expenses over a specific period of time to show its profitability.

Generating the Report

To generate the report, select a start and end date in the Report Options header. The report will calculate the total revenue and expenses within this period.

Report Structure

The P&L statement is divided into two main sections:

• Revenue: This section lists all your revenue accounts and their balances for the selected period.
• Expenses: This section lists all your expense accounts and their balances.

Like the Trial Balance, the P&L is a hierarchical report. You can click the toggle button next to any parent account to expand or collapse it. You can also click on any non-group account name to navigate directly to that account's ledger.

Net Income

The report concludes with the Net Income, which is the final calculation of your company's profit or loss for the period (Total Revenue - Total Expenses).