The Profit & Loss Report

This report shows the net profit/loss earned by your company on month by month basis or annual basis, depending on your particular requirements.

To view your Profit and Loss account, click on the "Reports" tab. Within this screen, you will see trading reports - "Profit and Loss", click this link which will bring you into your profit and loss account. By default it displays date from the previous three months.

If you want to change the defaults, if you click on the 'Cog' icon, you can select the date range you wish to appear on your profit and loss account by clicking on the drop down tab. You can also select if you wish to include accounts with zero balances on your P&L .

P&L Settings

Tips re Profit and Loss Account

Profit = Sales - Costs

Cost of Sales = Opening stock + Purchases - Closing stock

Cost of sales are effectively direct expenses incurred to sell an item.