A Profit and Loss Statement is a report that shows net profit/loss for the business. More information about Profit and Loss statements can be found here.
The Profit and Loss Report is calculated by using two business equations commonly used in Accounting:
- Sales - Cost of Goods Sold = Gross Profit
- Gross Profit - Total Expenses = Net Profit/Loss
Net Profit/Loss is the bottom line number for your business.
Select the Bookkeeping tab from the left rail of 17hats. In the upper, right corner, click on "Reports", and then select "Profit and Loss".
Define your timeframe by selecting a Start Date and End Date while using the calendar, then click "Apply".
You may toggle transaction listings to show/hide by clicking "Show Transactions" to the right of the Date Range dropdown.
Tip 1: The body of the report can be copied and pasted into a spreadsheet program so you can perform advanced financial analysis.
Tip 2: You can create a PDF of the report by using the Print Function to create a PDF in OSX and Windows, a "Print to PDF" option is available.
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