Skip to main content

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.