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The Profit and Loss report indicates how revenue is transformed into net income. Revenue is money received from the sale of products and services before expenses are taken out, also known as the "top line". Net income is the result after all revenues and expenses have been accounted for. This can also be referred to as the "bottom line".
The Profit and Loss report shows whether the company made or lost money during the period being reported. The values for the same period last year and year to date for last year are included, as are budget figures, where entered.
The options for this report include:
Subtotal accounts are used to group smaller accounts. Only the total will be displayed on the Profit and Loss Report, unless Disable Subtotalling is selected.
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