How do I view the Profit and Loss(Income Statement) Report?

This report is used to illustrate the profitability of the business, showing total sales, total incomes less total expenses and profits before tax and after tax.

Watch our video or read detailed steps below:

When you generate a Profit and Loss Report the system will give you the option to calculate Cost of Sales based on Purchases or Sales.

1. If you are making use of Analysis Codes, select your project, departments and cost codes.
2. Select your date range in the date range drop down menu. You have the selection to preview the report as monthly, quarterly, yearly, month to date, quarter to date, year to date, life to date, custom to date, last month, last quarter and last year. If you select the custom dates option, you can select the date ranges from the calendar look up fields.
3. You can select to group the report by month or quarter in the Group By field. You can also compare all the amounts with the previous year amounts by ticking the Compare with Last Year tick box. If you want the report to display all your Reporting Group Detail, check the check box.
   • You can compare your profit and loss report with a budget that you created by ticking the Compare with Budget tick box.
   • You can also display a budget variance on the profit and loss report.
4. Select the Budget that you want to use in this report.
5. Select whether you want the cost of sales on the report to be displayed for Sales or Purchases.

This is an example of a Profit and Loss Report generated by Accounting: