Accounting Profit and Loss Report

This section describes the specifics of accessing and interpreting the Profit and Loss report.

Opening the Report

You can find the report at Reports > Accounting > Accounting Profit and Loss. For more information, see Viewing Reports.

Viewing the Report

The Profit and Loss report provides information on the store's financial activities during the specified period. The report summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year. These records provide information about a company's ability – or lack there of – to generate profit by increasing revenue, reducing costs, or both.

Audit periods should be closed to make sure data is accurate after all other data has been reviewed.

The report displays the financial data only for the following types of accounts:

• COG
• Expenses
• Income
• Other Expenses
• Other Income

The financial data from all other types of accounts is not included into report. For more information on how to set up accounts of different types and what does each account type mean, see Setting Up Accounts.

The report contains the following sections:

• Expenses
• Income
• Gross profit
• Net Income

  

Filtering the Report Data

To get the exact information you need, you can apply filters to the report. To set up a filter, select one or more filtering options. Once the filter is set up, at the bottom of the filter section, click the Refresh button to display the report data by the filter criteria.

The report provides the following filtering options:

• Total only: This option is selected by default. It breaks the results down by the total.
• Class: Select this option to break down the results by class.
• Week: Select this option to break down the results by week.
• Month: Select this option to break down the results by month.
• Quarter: Select this option to break down the results by quarter.
• Year: Select this option to break down the results by year.

Additional Actions

To hide the detailed breakdown for sub-accounts, select the Collapsed mode option.

To view the General Journal report for the accounting category you want, click the total for it.

For more information on additional report features, see Reports.