Income Statement (Profit & Loss)
The P&L report summarizes your company's financial performance over a selected period — total income, cost of goods sold (COGS), expenses, and the resulting profit or loss. Use it to evaluate operational efficiency, track profitability trends, and make informed decisions.
Report structure & calculations
Income includes transactions from bank transactions, invoices, bills, journal entries, and conversion balances.
- Gross Profit = Total Income − Total COGS — profitability after direct costs.
- Net Operating Profit = Gross Profit − Total Expenses — operational performance excluding other income/expenses.
- Net Profit = Net Operating Profit + (Other Income − Other Expenses) — final profitability.
Filters & controls
- Report period — any custom date range; default is Year to Previous Month.
- Display by — Weeks, Months, Quarters, or Year.
- Compare period — Previous Period (PP) or Previous Year (PY), with $ Change (Current − PP/PY) and % Change ((Change ÷ PP/PY) × 100).
- Tags filter — shows only transactions with selected tags; ideal for department/project reporting.
- % metrics — % of Income = (line item ÷ Total Income) × 100; % of Expense = (line item ÷ Total Expense) × 100.
Accounting methods
- Accrual — records income/expenses when earned or incurred (invoice in December paid in January → December).
- Cash — records only when cash moves (same example → January).
- Modified cash — hybrid: regular expenses on cash basis, large/complex items on accrual.
Actions
Save / Save As current configurations as custom report views; Share with team members (they see the same configuration); Export in Excel or CSV.
FAQs
Does the report update in real time? Yes, based on posted transactions.
Why does my report differ on Cash vs Accrual? Cash records actual cash movement; accrual records when earned/incurred.
Why is income missing? Check account mapping, date range, missing transactions, or applied tag filters.
How are transactions grouped? By the selected Display By option.