Profit and Loss Statement

Profit & Loss report summarizes your income and expenses for the month, so you can know whether you are operating at a profit or a loss.  This type of report is also called income statement or operating statement.

In other words, the difference between your company's revenues and expenses are called Income Statement, which reports the profit (income is greater than expenses) or loss (income is less than expenses).

You can filter this report by locations as well.

1. On the Reports menu, point to Company & Financial, and then click the Profit & Loss.

The formula that is always true for the profit and loss is

Income Statement = Revenues – Expenses