Profit & Loss Account Report

A Profit and Loss Report (P&L) is a report that shows your total Income and your total Expenses in a specific period of time. It’s a really useful report as it shows you your net Profit (or loss) based on your Income & Expenses, and that can be used to come up with some cost cutting strategies!

Profit & Loss Reports go by a few names, so it might be referred to as an “Income Statement”, a “Statement of Operations”, a “Statement of Financial Results” and “Income & Expense Statement”. Let’s stick with Profit & Loss Report.

  1. How to View Profit & Loss Account Report?

How to View Profit & Loss Account Report?

In the Account Reports menu, select Profit & Loss Account.
a) View Data.

1. Select From Date & To Date.
2. Select Cost centerHow to create Cost Center.
3. Select Group Level.
4. Then Click Report.

b) Report:
 
Demo Company
Profit & Loss Account
Date : 01/01/2018 to 31/03/2018
Particulars Upto Previous Current Period Amount
Operating Revenue
Sales Account 0.00 3,60,300.00 3,60,300.00
Less: Sales Return 0.00 3,500.00 3,500.00
Sub Total : 0.00 3,56,800.00 3,56,800.00
Cost of goods sold
Purchase Account 0.00 6,79,760.00 6,79,760.00
Less: Purchase Return 0.00 5,240.00 5,240.00
Less: Closing Stock 4,42,100.00 8,66,714.00 8,66,714.00
Sub Total : -4,42,100.00 -1,92,194.00 -1,92,194.00
Gross Profit : 4,42,100.00 5,48,994.00 9,91,094.00
Other Income
Discount Received 0.00 6,300.00 6,300.00
Miscellaneous Income 0.00 2.50 2.50
Sub Total : 0.00 6,302.50 6,302.50
Total Income : 4,42,100.00 5,55,296.50 9,97,396.50
Direct Expenses
Opening Stock 4,42,100.00 4,42,100.00 4,42,100.00
Administration Overheads 0.00 23,775.00 23,775.00
Discount Payment 0.00 279.00 279.00
Sub Total : 4,42,100.00 4,66,154.00 4,66,154.00
Net Profit\Loss : 0.00 89,142.50 89,142.50