Profit and loss is financial report that shows company’s revenues and expenses over a specific period of time. This report is one of the four major reports it shows company’s net profit or loss over a specific period of time and this report is also known as income report.
This report can created in three different sections they are Current, Previous and Custom. In current, report can be created by using Today, Current Month, Current Year, Current Quarter and Previous, report can be created by using Yesterday, Previous month, Previous Year, Previous Quarter. Using Custom to create the report for a specific dates, a month or even a year.
Steps to create the report
- Go to reports
- Click on Profit & Loss mentioned in finance report
- Click on date range choose from the dropdown menu
- Select cash or accrual in accounting field
- If you want to compare the profit and loss with another month or a year
- Click on compare with and another date range field will appear
- Choose from the dropdown menu
- Click on generate Report
- Click on open to open as PDF
- You can download by pressing on download icon
- You can edit the headers to your need
- See screenshot attached Profit & Loss report with data